
Class _- /i^:_^,2Ji*r_ 
Book__^i 



GojpghtN?. 



COPYRIGHT DSPOSin 



/ 



A QUARTER OF A CENTURY 



OF 



PRICES 



BY 



ELLSWORTH DAGGETT, 



SALT LAKE CITY, UTAH. 



1896. 



'ice 25 Cents ^..ml 



^* I, 



A QUARTER OF A CENTURY 

iiPRICES 



AN ATTEMPT TO DEFINE THE EXTENT AND MAGNITUDE OP 
THE MOVEMENT OP PRICES OP TWENTY-ONE OP 
THE PRINCIPAL COMMODITIES OP THE 
UNITED STATES SINCE 1870, 



ALSO, 



TO ILLUSTEATE BY DIAGRAMS VARIOUS SYSTEMS OF INDEX NUMBERS, 
TO COMBINE THEM INTO A GENERAL RECORD OP A MOVEMENT 
OF ALL PRICES AND TO NOTE THE RELATION OP LEGIS- 
LATION TO THE MOVEMENT OF PRICES. 




ELLSWORTH DAGGKTT, 



SALT LAKE CITY, UTAH. 




TEIBUNB JOB PEINTINO COMPANY, PRINTEB8. 

1896. 



^it^ 



Copyright, 18t6, by Ellsworth Uaggett. 



This paper is an attempt to define the extent and magni- 
tude of the movement of prices of twenty-one of the principal 
commodities of the United States since 1870, and to call atten- 
tion to some of the more important aggregate efiPects of the 
movement. 

Also to plainly illustrate by diagrams the various systems. 
of index numbers that have come to the writer's attention, to^ 
combine them into a general record of a movement of all prices, 
and to note ihe relation of legislation to the movement of prices! 

It is a presentation not of argument or theory but of facts 
only, believed to be at this time particularly useful, and in a 
form which it is hoped will prove intelligible and suggestive. 

Salt Lake City, Utah, Sept. 10th, 1896. 

Ellswokth Daggett. 



A Quarter of a Centupu of Prices 



BY 



ELLSWORTH DAGGETT, 



SALT LAKE CITY, UTAH. 



The twenty-one United States commodities herein specially 
and in detail considered are: 

Geain Group. Farm Animal Group. 

Wheat, Horses, 

Corn, Mules, 

Oats, Milch cows. 

Barley. Oxen, etc., 

Potato Group. Sheep, 

Potatoes, Swine. 

Hay, Metal Group. 

Tobacco. Pig Iron, 

Textile Group. Copper, 

Cotton, Silver. 

Wool. 

Hydro-Carbon Group. 
Anthracite Coal^ 
Bituminous Coal, 
Petroleum. 

In Tables 1 to 21 will be found the amount or number of 
bushels, pounds, etc., the currency and gold prices per bushel, 
pound, etc., and the total gold values of each of the products 
considered, for the years 1870 to 1891: inclusive; and in the form 
of foot notes the work and usually the page from which the 
original figures were obtained. When statistics as to spot 
values are available for the entire period they have been used, 



6 



l3ut with mineral products of which the government record is 
not complete for the entire period, other presumably reliable 
quotations have been used. The yearly prices therefore of iron, 
copper, anthracite and bituminous coal, petroleum, and also for 
wool, are not the spot values, nor can it be said that they are 
the prices at which the whole crop actually sold. They are, 
however, the ruling prices of important, usually the most im- 
portant, markets, apparently determined in each case by meth- 
ods uniform for the entire period and regarded as worthy of a 
place in the government statistical publication. Quotations of 
copper prior to 1880 were of necessity of Lake copper, a brand 
until lately commanding a slightly higher price than any other. 

The twenty-one commodities given include every product, 
the value of which amounted to $25,000,000 in any one year 
since 1870, and of which the st£.tistics of amount and values are 
to be found in government or other publications accessible to 
the writer. 

It may also be mentioned that farm animals are quoted for 
the Ist of January of each year and doubtless includes many 
individuals previously or afterwards quoted. 

The quantity therefore of farm animals produced in any 
one year is much less, perhaps not more than half the amount 
quoted. This consideration affects quantity only. 

The basis upon which the currency values have been re- 
duced to gold is that given in the report of the Statistician of 
the U. S. Department of Agriculture for 1893, page 559, viz. : 

cents gold. 



[n 1870, 1 dollar 


paper= 


=86 


" 1871, " 






89.5 


" 1872, " 






89 


" 1873, " 






87.9 


" 1874, " 






89.9 


" 1875, " 






87 


" 1876, " 






89.8 


" 1877, " 






95.4 


" 1878, " 






99.2 



In order that these commodities may be combined either 
by groups or altogether it is necessary that they should be 
reduced to a common denominator or uniform measure of value. 



To do this it is necessary to find for each commodity the num- 
ber of bushels, tons, etc., which at the average price per bushel, 
ton, etc., for the entire 25 years should equal a common fixed 
amount. This amount is therefore the common average value 
of what is here called the Commodity Unit of all of the articles 
taken, and is for reasons which will later appear, taken at 84 
7-10 cents, or more exactly 84.736 cents. 

That number of bushels, tons, etc., of any commodity which, 
if multiplied by its average gold price per bushel, ton, etc., for 
the entire 25 years, would amount to 84 7-10 cents becomes the 
measure of quantity of the assumed unit of such commodity. 

Below is given a table summarized from Tables 1 to 21, in 
the second column of which is the total product or amount in 
bushels, tons, etc., of each of the commodities herein considered 
for the period of 25 years from 1870 to 1894 inclusive. 

In the third column is given the total gold value of this 
product or amount and in the fourth column the average price 
per bushel, ton, etc. This latter being of course found by divid- 
ing the total value of each commodity by the total amount. In 
the fifth column is the amount of bushels, tons, etc., of each 
commodity which, at its average price per bushel, ton, etc., 
for the period, would equal 84 7-10 cents. 

These quantities of the several commodities contained in 
the fifth column being equal in value to the same thing are 
therefore equal in value to each other for a period of 25 years, 
1870 to 1894 inclusive. 

If now we adopt for each commodity the corresponding 
quantity in bushels, tons, etc., appearing in column five, as the 
measure of quantity of our commodity unit, and compute two 
new columns of numbers and price of the commodity unit 
for each year of the period, we will have a series of tables 
as shown in last two columns of Tables 1 to 21, based upon a 
unit of common value, for the entire 25 years. 

By means of these new tables all the different commodities, 
being expressed in units of the same value, may be combined in 
any desired manner, or for any desired period within that por- 
tion of history covered by the 25 years, and presumably with- 
out material error, for some years either before or after the 
period. 



TABLE 0. 



Summary of Tables 1 to 21 inclusive. Showing total amount. 

value and average price of 21 commodities for 1870 to 

1894, inclusive, and also the number of bushels, 

tons, etc., in the commodity unit. 



Commodity 



Wheat 

Corn 

Oats 

Barley 

Potatoes 

Hay 

Tobacco 

Cotton 

Wool 

Horses 

Mules 

Milch Cows . . . 

Oxen, etc 

Sheep 

Swine 

Pig Iron 

Copper 

Silver 

Anthracite Coal 
Bitumin. " 
Petroleum 



Amount 
bushels, tons, etc. 



10 001 

36,890 

12,212 

953 

3,208 

780 

7,911 

68.530 

6,011 

289 

45 

325 

642 

1,034 

978 

114 

3,106 

936, 

851 

1,650 

572, 



471,005 bu. 
,124,261 " 
,361,948 " 
,419,180 " 
,374,688 " ■ 
,967,778 tons 
,434,600 lbs. 
,179,.395 " 
,960,384 " 
,353,915 No. 
,237,623 " 
,8.34.520 " 
,852,338 " 
1,537,105 " 
,690.595 •' 
182,222 tons 
,603,955 lb?. 
140,893 ozs. 
,634,437 tons 
,485,581 " 
176,370 bbs. 



Total Gold Value 



$ 8,347,768,063 

14.682.163,419 

3,891.277,989 

569,742,537 
1,652,085,613 
7,497,287,363 

638,358,449 
6,483,124,724 
2,142,095,997 
18,593.912.136 
3,397,89."),190 
8,325,407,536 
11,440 626,202 
2,350 264,440 
4,922,774,040 
2,330,250,696 

408,774,460 

976.594,603 
2,996,776,591 
4,185,600,269 

511,143,728 



Average 

Price per 

bushel, 

ton, etc. 



$ .835 
.398 
.319 
.597 
.515 
9.60 
.081 
.095 
.356 
64.26 
75.11 
25.55 
17.60 
2.245 
5.027 
20.41 
.132 
1.041 
3.52 
2.54 
.893 



Commodity 

Unit or No. of 

bushels, tons, 

etc., worth 

84.7 cents 



1.015 
2.129 
2.656 
1.418 
1.645 



bu. 



ton 
lbs. 



10.46 
8.92 
2 380 " 

.0132 

.0113 

.0332 

.0482 

.3774 

.1686 

.0415 ton 
6.419 lbs. 

.814 ozs. 

.2407 ton 

.3336 " 

.9489 bbs. 



Total, 



$106,343,924,045 



The price per unit and number of commodity units for 
each commodity and for every year, 1870 to 1894, are given in 
the last two columns of Tables 1 to 21. The total values 
used in connection with them being of course those of the pro- 
duct or crops for the same year or period. The number 
of commodity units for any commodity in any year given in 
the table was found by dividing the total number of bushels, 
tons, etc., in corresponding crop or product by the number of 
bushels, tons, etc., in the commodity unit for that commodity, 
or to be more literal by multiplication by the corresponding 
reciprocal carried out to five or more places. The price per 
commodity unit may be found by dividing the total value by 
the number of commodity units. 



It is therefore true with every commodity in each year that 
the number of commodity units multiplied by the price per 
commodity unit produces the total value of the crop. 

As indicated above it will be found with each commodity 
that the relation between the price per commodity unit or the 
number of commodity units, in any period as compared with 
any other period, is precisely the same as that between the gold 
price per bushel, ton, etc., or the number of bushels, tons, etc. 
for the same two periods. 

Hence the statement of the gold value of the crop and the 
price per commodity unit and number of commodity units in 
the same serves perfectly for the study of prices of single com- 
modities and renders it possible in addition to compare one 
with another and to combine any or all of them in any desired 
manner or for any desired period, between and including 1870 
and 1894. 

In table 22 is shown for each year, 1870 to 1894 inclusive, 
the combination of the number of units and the gold value of 
all 21 commodities. 

In this last named table the sum of the values of the 21 
commodities for the years 1870, 1871, 1872, and the total number 
of commodity units in the same are given, and it will be noticed 
that the amounts agree, or in other words, that the average 
value per unit of all the commodity units for the period 1870, 
1871 and 1872, are exactly $1.00. 

It was to produce this result that the average value of the 
commodity unit was taken at 84 7-10 cents. The equation by 
which this result was reached, a simple one as to terms, which 
will readily suggest itself need not here be given. It involved 
many reductions of large numbers used. 

It will be observed that taking the average price per com- 
modity unit of all 21 commodities used equal to $1.00 for the 
period 1870, 1871 and 1872, means the adoption for the purpose 
of this paper of that period as a period of comparison during 
which the average of all prices under consideration was $1.00 
per unit. Outside of this period prices, either of single or 
combined commodities, are expressed in figures which indicate 
at a glance and without mental effort their relation to the true 
average price for the period of comparison of all commodities. 



10 

The reduction to a common denominator, or to a unit of 
uniform value has been, for reasons given below, performed 
only from the beginning of 1870 to the end of 1894, and during 
this period subject to slight errors herein mentioned. The 
value and prices of commodities for 1895 have not entered into 
the equation by which the value of the commodity unit was 
found. To include the new figures would necessitate an entire- 
ly new calculation involving many hundred ^'eductions to pro- 
duce a result diflPering so slightly from that given here as to be 
invisible in the diagram and of no practical moment in the 
table. The quantity of each commodity in the commodity unit 
is taken for 1895, the same as for previous years. 

The calculation of the value of the commodity unit, and of 
the number and price of the commodity unit, for each commod- 
ity and for each year, was done in April and early May, 1895, 
before the mineral statistics for 1894 were published. Approx- 
imate estimates of the amount of iron, silver, anthracite and bi- 
tuminous coal were made, and the approximations, given in the 
tables have entered into the calculation. The revised and cor 
rected amounts are also given and these only enter into the con- 
struction of Table 22. Three other errors, one of a half million 
bushels of oats, a second of 20 cents per head in the average 
price of oxen, and a third of three cents per head in average 
price of sheep, also found their way in spite of much care, into 
the calculation of the value of the unit used. The combined 
effect of all the errors on the final result are so small as not to 
practically affect the accuracy of the work. 

Inspection of the tables of the different commodities show 
clearly the great annual fluctuation in price and the relation of 
gross production to price. They also show how misleading 
might be deductions based upon the movement of one or even 
of a group of commodities for a short period. 

As the average price per unit for the twenty-five years, 
1870 to 1894, inclusive, of each commodity is the same as that 
of every other commodity, and the same as the true average of 
all commodities, it follows that by comparing the table of any 
single commodity with the combined table or diagram, its true 
relation to the average of all commodities may be determined. 

In the last column of Table 22 is carried out the total* 



11 



difference for each year between the actual selling value and 
the value of the same number of units at the price prevailing in 
1870-72, or the total depreciation in the twenty-one commodi- 
ties for the year. The total depreciation of all twenty-one 
articles for the twenty-three years from 1873 to 1895 inclusive, 
amounts to more than twenty-two billions of dollars, and the 
actual selling value of all twenty-one articles for the same 
period is over one hundred billions of dollars. 

The depreciation on silver for the period 1873-95 was two 
hundred and ninety-eight millions of dollars, or 1.36 per cent, 
of the depreciation on the twenty-one commodities. 

The movement downward of prices during the twelve 
months of 1895, extended uniformly eight months into 1896, 
would, on the first of September, reach the fifty cent per unit line. 

Diagram 22 is representative of Table 22, and shows also 
the gross production in units. Diagram 22A, made in a different 
manner, represents the relative quantities and values also. 
Either of these diagrams, or Table 22, show that there has been 
since 1873 a general movement of prices downward with four 
upward movements, one of three years' duration, and three of 
one year's duration. The last upward movement occurred be- 
tween 1889 and 1890. Since 1S90 the course of prices has been 
always downward, but at a varying rate. 

SOME OF THE EFFECTS OF THE LATE DECLINE IN PKICE. 

It may not be amiss to consider briefly some of the aggre- 
gate effects of that portion of the movement since 1890. 

The depreciation each year from 1891 to 1895, as compared 
with the previous year, of 21 commodities, may thus be shown: 



Year. 


Price per Unit, 
Cents 


Difference in 

Price per Unit 

from Previoas 

Year 

Cents 


Difference in 
Percentage of 
Previoas Year 


Aggregate Depre- 
ciation from Prices 
of Previons Year 
Millions of DoUare 


1890 


85.. 37 
80.18 
76.41 
76.19 
71.30 
58.70 








1891 
1892 
1893 
1894 
1895 


5.19 

3.77 

.22 

4.89 

12.60 


6.08 

4.70 

.29 

6.42 

17.67 


328 
236 
15 
323 
916 






Total. 




1818 




Average per 


year five years 


363.6 



12 



The effect upon the value of farm lands of a long-continued 
fall in prices of the commodities raised cannot well be estimated, 
but must have been to greatly reduce that value, presumably to 
as great an extent as the products themselves were reduced. 

The effect of the late continuous fall in prices upon pay- 
ments for taxes, interest, and other fixed charges payable in 
money is, as judged by the quantities of commodities required 
to meet such charges, to continually augment them . For ex- 
ample, if in 1890 the total annual charge for the support of 
general and local governments of all kinds, and interest for all 
debts in the United States was two billions of dollars, which 
was probably true, and if this charge for taxes and interest as 
expressed in dollars remained unchanged for the ensuing five 
years, then the number of commodity units required each suc- 
ceeding year to meet such charge, and their value at prices pre- 
vailing in 1895 may be shown thus: 



Year 


Gold Value 

per Unit 

Cents 


Units Purchasable 
with a Dollar 


Units Required to 
Meet Two Billions 
of Dollars Fixed 

Charges 

Millions 


Value of These 

Units at Prices 

Prevailing 1890 

Millions of Dollars 


1890 


85.4 


1.171 


2342 


2,000 


1891 


80.2 


1.247 


2494 


2.130 


1892 


76.4 


1.309 


2618 


2,236 


1893 


76.2 


1.312 


2625 


2,241 


18:M 


71.3 


1.403 


2805 


2,396 


1895 


58.7 


1.704 


3407 


2,910 



As in 1870-72 inclusive the value of the unit was one dollar, 
the unit column in the above table may also signify dollars at 
prices prevailing 1870-72 inclusive. If we again assume the 
movement in 1895 to have been uniformly prolonged to Sept. 
Ist, 1896, the gold value per unit would have been 50 cents, and 
the number of commodity units required in 1896 to meet $2,000,- 
000,000 fixed charges would have been 4,000,000,000, and their 
value, at prices prevailing in 1890, 13,416,000,000 or 11,416,000,- 
000 more than in 1895. 

The effect on all business of the increase in the purchasing 
power of gold, shown in column three of the above table, must 
be depressing — on any new business practically prohibitory. 
The increase from 1890, when a dollar would purchase 1.171 



13 



commodity units, to 1895, when its purchasing power was 1.704 
units, has been .533 units, or 45.5 per cent, for the five years, or 
an average of 9.1 per cent, per annum. That is, gold stored in 
a vault in 1890, would at the end of 1895, having remained in 
the meantime absolutely idle, have increased in value at the 
rate of 9.1 per cent, per annum. During this same period com- 
modities, and, presumably, pi'operty generally, have depreciated 
from 85.4 cents per unit in 1890 to 58.4 in 1895, equivalent to 
31.3 per cent, for the five years, or on the average of 6.2 per 
cent, per annum. 

Money cannot seek business or investment under such con- 
ditions. 

The effect upon debts of falling prices for the past five 
years may be shown in the same way. 

According to the census report 1890, Book of Mortgages, 
page 102, the total national, state, county, and municipal 
debt amounted in 1890 to $ 2,027,170,546 

The minimum private debt including railway and corpora- 
tion debts was 17,000,000,000 



Making a total of $19,027,170,546 

Now assuming that no more debt has since been contracted, 
and quite neglecting the interest, the number of commodity 
units required to equal in value 19,027,000,000 of dollars during 
1890 and following years is as follows: 











Annual Increase of 


Year 


Gold Value per 
Unit 


Commodity Units 
Reqoired to Equal 


Value of Units in 
Preceding ( olumn 
at Prices Prevail- 


the Debt of 1890 
Measured in Com- 
modity Units and 




Cents 


$19,027,000,000 


ing in 1890 


ExpresFed in Dol- 






Millions 


Millions of I)ollar8 


lars at Prices Pre- 
vailing in 1890 
Millions of Dollars 


1890 


85.4 


22.2>i0 


19,027 




1891 


80.2 


23.725 


20.261 


i,'2,34 


1892 


76 4 


24,905 


21.269 


1,008 


1893 


76.2 


24,970 


21 324 


55 


1894 


71.3 


26 686 


22,790 


1,466 


1895 


54.7 


32.414 


27,682 


4.892 



Here also the unit column in the above table may signify 
dollars at prices prevailing 1870 to 1872, inclusive. 

If we again assume the movement of prices in 1895 to have 
been continuous and uniform into 1896, then in Spetember, 
1896, the number of commodity units required to equal $1-9,027,- 



14 

000,000 would have been 138,054,000,000, and the increase of 
the debt for the eight months of 1896, measured in commodity 
units expressed in dollars at prices of 1890, would have been 
$4,816,000,000. 

In other words, during 1895, and presumably now in Septem- 
ber, 1896, the debt of the country, quite independent of accum- 
ulating interest and of recent bond issues or other recorded 
additions, is increasing, as measured in commodities (by which 
only it can be paid), and expressed in dollars at prices of 1890, 
at the rate of more than $400,000,000 per month for 1895, and 
in 1896 at the rate of over $600,000,000 per month. 

The second column of Table 22 gives the average price per 
unit of all 21 articles for each year, computed for such a size of 
commodity unit, that the average price for the period 1870, 
1871 and ]872 was $1. The series of numbers, therefore, in 
this second column is simply a system of index numbers based 
on a price of $1 for average of all articles for the period named, 
with, however, the difference that the scheme is absolutely 
quantitive. 

It recognizes not only the exact importance due to the 
relative volumes of all articles quoted, but it also accurately 
registers the annual change in the quantity of the same article. 

Were 26 years all of history, the United States all the 
world, and the 21 commodities cited all of that world's product, 
then prices as a whole would have declined from the average of 
period 1870-72 to the average of 1895, 41.3 per cent., or to 58.7 
cents per unit. 

But the United States is not all the world, nor are our 21 
articles by any means all the products even of the United States. 
In the absence of other complete data it may be assumed that 
the average of all United States prices have on the whole de- 
clined to an equal or greater extent than the 21 articles here 
considered. The only data available bearing upon this point 
is the series of index numbers given in "Movement of Prices," 
1895, U. S. Treas. Dept., covering a very large number of 
articles in eight groups, but carried down only to 1891. This 
system reduced to basis 1870-72 = 100, is given for years 1870 
to 1891 in Table 23 and in Diagram 23. Compared with 21 U. S. 
commodities and reduced to same basis, it shows for the five 



15 

years including and preceding 1891, an average price of 76' 
about 7 points lower than the index number for the 21 articles 
for the same period. This, so far as it indicates anything for 
the year 1895, shows that the general average of all prices for 
the United States should for the year 1895 have been even 
lower than 58.7 per cent. 

PRODUCT LESS NET EXPORT OR CONSUMPTION. 

Table 22 and Diagram 22 show with the average price the 
gross production in units for the period 1870-95 inclusive. In 
both table and diagram are omitted, on account of their absence 
from the original record, the product and price of barley, pota- 
toes, hay and tobacco, for years 1889-92 inclusive, and tobacco 
for 1895. 

In Table 25 are shown the gross product in units, price per 
unit, total value in dollars, net exports, and the total and per 
capita consumption, or product less net exports, of the seven 
commodities constituting the food products (except potatoes 
which, as mentioned above, is not completely recorded) and the 
same details of the seven manufacturing products. 

In Diagram 25 is shown the price and consumption per 
capita of each group. 

Both of these tables extend as far back as the statistics ac- 
cessible to the writer allow. 

The food group aggregating in value for the eleven years, 
1885-95, $27,464,800,000, and averaging $2,496,000,000 per year, 
shows in 1895 a per capita consumption of 38.9 units, or 10.8 
units less than the 49.7 units of 1885. 

The manufacturing group with aggregate value of $10,274,- 
800,000, and average value of $934,000,000 per year, shows in 
1895 a per capita consumption of 16.7 units or 3.3 units more 
than the 13.4 units of 1885. 

The indicated increase in consumption per capita for the 
manufacturing products is less than the supposed advance of 
manufacturing industry.* 

* l^ Table 25 the net exports, where not given direct, have been com- 
puted trom the tables of exports and imports in the U. S. Statistical Ab- 
stract, 1894 and 1895. Hog products being figured at 200 lbs. per animal; 
fresh beef at 1000 lbs. per animal ; cured or canned beef at 500 lbs. per 
animal, and mutton of 50 lbs. per animal. 



16 



TABLE 25. 

Gross Product in Units, Price per unit, Total Value in Dollars, 

Net Exports and Total and per Capita Consumption 

for period 1885 to 1895 inclusive, of 

Wheat, Corn, Oats, Milch Cows, Oxen, Sheep and Swine. 













Consumption, 


3R PeODUOT 


Fiscal 


Gross Product 
Millions of 


Price per 

Unit 


Total Value 
Millions of 


Net Export 
Units 


Less net Expobt 










Units 




Dollars 




Total Millions 
of Units 


Units per 
Capita 


1885 


2975.1 


.876 


2606.0 


186.9 


2788.2 


49.7 


86 


2939.1 


.864 


2532.3 


157.3 


2781.8 


48.5 


87 


2948.0 


.832 


2451.6 


203.4 


2744 6 


46.8 


88 


2899.1 


.859 


2489.3 


160.5 


2738.6 


45.7 


89 


3148.1 


.809 


2546.3 


156.4 


2991.7 


48.8 


1890 


3358.9 


.732 


2457.6 


216.1 


3142.8 


50.2 


91 


2960.4 


.867 


2568.1 


176.0 


2784 4 


43.5 


92 


3512.8 


.795 


2791 3 


314.6 


3198.2 


48.9 


93 


3229.1 


.760 


2452.8 


253.9 


2975.2 


44.5 


94 


3032.2 


.765 


2318.7 


241.4 


2790.8 


40.9 


95 


2917.5 


.771 


2250.8 


205.0 


2712.5 


38.9 


85 95 


1 33920.3 
ageforllyrs 




27464.8 


2271.5 


31648.8 


503.4 


Aver 


.810 





The same details for 

Cotton, Wool, Pig Iron, Copper, Anthracite and Bituminous 
Coal and Petroleum. 



1885 


955.2 


.815 


778.5 


200.2 


755.0 


13.4 


86 


965.9 


.774 


747.2 


103.0 


862.9 


15.0 


87 


1064.1 


.742 


789.4 


202.0 


862.1 


14.7 


88 


1128.2 


.849 


957.4 


198.2 


930.0 


15.5 


89 


1210.0 


.788 


953.4 


207.1 


1002.9 


16.4 


1890 


1213.1 


.780 


945.9 


191.4 


1021.7 


16.3 


91 


1355.5 


.776 


1052.2 


238.9 


1116.6 


17.5 


92 


1473.2 


.750 


1104.2 


297 6 


1175.6 


18.0 


93 


1559.1 


.694 


1082.6 


379.8 


1179.3 


17.6 


94 


1384.9 


.701 


970.7 


307.0 


1077.9 


15.8 


95 


1386.0 


.645 


893.3 


224.6 


1161.4 


16.7 


85-95 


13695.2 
ageforllyrs 




10274.8 


2549.8 


11145.4 


176.9 


Aver 


.750 





Note— This table is based upon fiscal year and the preceeding calendar year. 
The statistics used in determining consumption were those in U. S. Statistical Ab- 
stracts for 1894 and '95. 



17 

AVERAGE PRICES IN OTHER COUNTRIES. 

Other systems of index numbers have been calculated. 
Those which have come to the attention of the writer being as 
follows : 

The London Economist's system, based upon 47 articles in 
22 classes. 

The original publication containing these figures not being 
accessible, recourse has been had to "Movement of Prices," 1895, 
page 20, for years 1884 to 1895 inclusive, and to the translation 
of Dr. Soetbeer's "Materials," etc., in "Bimetallism in Europe" 
(Consular reports No. 87), page 602, for years 1870 to 1885. 
The series used is that in which no regard has been paid to 
relative importance, no complete series of the weighted num- 
bers being available. The index numbers are therefore not 
quantitive. The numbers from the above sources have been 
reduced to ihe basis of 1870-72=100, and appear in Table 23„ 
and in Diagram 23a. 

Another series of British index numbers is that of Mr. 
Sauerbeck involving 45 articles. This series also is given in 
Table 23 and in Diagram 23a, but as the numbers for 1870-72 
are not quoted either in "Movement of Prices" or in any other 
accessible publication, I have been obliged to use the basis 1867 
to 1877 as equal to 100, this being the period upon which the 
accessible figures are based. It may be here stated that the 
Economist's Index Numbers, also British, for the 11 years 1867- 
77 average 101,88, and that the Hamburg Index Numbers for 
the same period average 100.16, indicating that the diflPerence in 
the basis in the Sauerbeck series between 1870-72=100, which 
should be used, and 1867-77=100, which we are obliged to use, 
is not likely to be very material, (See note under Table 23.) 

Sauerbeck's Index Numbers also appear to be based upon 
price only, i. e. without regard to quantity. The figures used 
here appear in part in "Bimetallism and Monometallism," by 
Rev. Dr. Walsh, page 47, and in part in "Movement of Prices," 
page 15. 

A French series of index numbers, involving 22 classes of 
articles, is mentioned by Dr. Soetbeer on page 601-602 "Bi- 
metallism in Europe," The series extends only to 1883, and 
is given for that time in Table 23 and in Diagram 23b, It 



18 

appears that some regard was paid to the relative importance of 
the difPerent articles, though in an imperfect manner. This series 
is also reduced to basis 1870-72=100. 

The Hamburg Board of Trade series upon 100 articles to 
which is added 14 articles of British export, given somewhat at 
length in "Bimetallism in Europe," pages 607 to 636, is a very- 
complete and extensive series of index numbers. It unfortun- 
ately can not be here given later than for 1886, the date to 
which Soetbeer carried it in his "Materials, etc.," and I can not 
learn that it has been carried beyond that date. These numbers 
reduced to a basis of 1870-72 equals 100, are also given in Table 
23, and in Diagram 23b. 

Mr. Palgrave's statement of prices (silver) in India of 
seven articles, found on page 603 of "Bimetallism in Europe," is 
there worked out into a series of index numbers of the prices in 
silver. The numbers have been reduced to gold prices in ac- 
cordance with the gold price of silver given in the last column 
of the statement mentioned above, and reduced to a basis of 
1870-72=100, and also appear in Table 23 and in Diagram 23b. 

The column in Table 23 marked "Arithmetical Average" is 
the combination, arithmetical, of the various index numbers in 
the seven systems. This is also shown in Diagram 23c by the 
black line. 

The quantities and values in the foreign country of im- 
ports of sugar, coffee* and tea, given on pages 290, 295 and 296 
respectively of U. S. Statistical Abstract for 1895, have been re- 
duced for the period 1870-94 to the same common measure used 
for the 21 commodities and combined resulting in a series of 
quantitive index numbers with a basis 1870-72=101 6-10. 
These numbers given separately in Table 24 are not combined 
with the 21 articles because they are not United States pro- 
ducts, nor with the 7 systems of index numbers given in Table 
23, because the amount represented, only about four billions of 
dollars, is presumably very much less than those systems repre- 
sent. It may, however, serve to show that the same movement 
in prices and in the same direction and about to the same ex- 
tent that Table 23 records for the four greatest civilized nations 

*In the case of coffee the price for 1891-92 being, accordine to the 
official record, too high, it has been replaced by the average of 1890-94. 



19 



of the earth, and for India with its 240,000,000 of people, has ex- 
tended also to the islands of the sea. 

TABLE 24. 

QuANTiTivE Index Numbees 

Of gold prices in the foreign country of imports into the 
United States, of Sugar, Coffee and Tea for period 1870 to 
1895, reduced to same common measure used for the 21 com- 
modities and combined. Based upon unit price for 1870-72= 
1.016. 



Year 


Index Number 


Year 


Index Nnmber 


Year 


Index Number 


1870 


.956 


1879 


.885 


1888 


.733 


1871 


.970 


1880 


.972 


1889 


.777 


1872 


1.121 


1881 


.946 


1890 


.837 


1873 


1.17?) 


1882 


.888 


1891 


.791 


1874 


1.209 


1883 


.80 


1892 


.788 


1875 


1.031 


1884 


.747 


1893 


.781 


1876 


1.019 


1885 


.601 


1894 


.787 


1877 


1.135 


1886 


.628 


1895 


.672 


1878 


1.082 


1887 


.638 







The foreign systems of index numbers given in Table 28 
have been devised and wrought out by learned men for the pur- 
pose of studying the movement of prices. 

The articles selected have undoubtedly included those of 
the greatest importance. They represent, therefore, prices of 
enormous quantities of commodities and the average of these 
seven series should indicate with some approach to accuracy, 
the movement of the world's prices. 

It must be admitted, however, that any attempt to estimate 
the volume represented by the eight systems of index numbers 
would be largely guess work, unless undertaken after a long 
investigation and with the aid of a complete statistical library. 

It may be said, however, that the value represented by the 
index numbers of only 21 commodities in the United States for 
the twenty-six years is known to be 110 billions of dollars, and 
that the value indicated is certainly very much greater than 
this, in all probability not less than 200 billions of dollars for 
commodities only. 



20 

In Europe and India, with a population aggregating eight- 
fold that of the United States, the total quantity of commodities 
involved in the movement and the aggregate amount of the de- 
preciation during the period 1873-95 inclusive, must have been 
quite beyond the human grasp. 

Diagram 23c is of the arithmetical average of the seven 
systems of index numbers, and also of the price of silver calcu- 
lated upon the basis coinage value 1.2929=100. By comparing 
the two diagrams the relation of the price of silver to the 
world's movement of the prices of commodities is apparent. 

The relation to United States movement of prices and to 
British and other foreign movements of prices, of silver legis- 
lation, may be made clear by noting on the diagrams of the 
various systems of index numbers the nature of the movement 
immediately following the important acts relating to silver. 

For convenience is here given the dates of the principal 
legislation upon silver. 

1871 — Preliminary action of Germany adopting gold 
standard. 

1873 — Demonetization of silver and adoption of gold stand- 
ard by United States. 

1873 — Suspension or limitation of silver coinage in Bel- 
gium, France and Holland. 

1873 — Denmark, Sweden and Norway adopt gold standard. 

1873 — Germany, final action, adopting gold standard. 

1874 — Legal tender for silver taken away, in United States, 
by statute. 

1878 — The Bland-Allison Act, restoring legal tender to 
silver and providing for the purchase of two to four million 
ounces of silver per month. 

1890 — Repeal of the Bland-Allison law and passage of the 
Sherman Bill, calling for the purchase of 4,500,000 ounces 
per month and the issue of treasury notes therefor. 

1893 — Repeal of the Sherman bill. 

1893 — Closing of the India mint against coinage of silver 
on private account. 

It will be observed that the legislation in 1873 and 1874 in 
the United States and other countries against silver, was accom- 
panied, or immediately followed, by a marked decline, lasting 



21 

several years, in the price not of silver only, but of commodities, 
as evidenced by each of the s^ven diagrams. 

That the Bland-Allison act restoring legal tender to silver, 
and in other ways supposed to be favorable to silver, was accom- 
panied, or a year later followed, by a marked rise in the price of 
commodities as shown by six out of seven of the series of Index 
Numbers. . 

That the repeal of the Sherman bill and the closure of the 
Indian mint to coinage of silver on private account in 1893 was 
immediately followed by a marked decline in prices of com- 
modities, as evidenced by each of the three series of Index 
Numbers carried out to this date. 

The aggregate effect of any one of these movements cannot 
be exactly defined, because, while we know what did in fact take 
place after important legislation, we can only surmise what 
would have happened without legislation. 

Thus Table 22, or Diagram 22, show that from 1874 to 1878, 
the 21 United States commodities declined 20 cents per unit, 
and that in 1878, the date of the restoration to silver of its legal 
tender function, began a rise lasting three years, and reaching 
in 1881 97 cents per unit. Now it is altogether likely that the 
price line descending so rapidly prior to 1878, would, in the 
absence of any legislation whatever, have reached in the suc- 
ceeding years a still lower level than 75.8 cents per unit; but 
assuming that this price line of 1878, would, in the absence of 
any legislation, have simply remained at the level reached in 
1878 for the ensuing ten years, then the money value of our 21 
commodities for the ten years would have been over ten cents 
per unit less than that actually realized. Ten cents per unit on 
the 54,684,000,000 units produced from 1879 to 1888, inclusive, 
would amount to $5,468,000,000. 

The effect of the decline in prices following the repeal of 
the Sherman bill and the closure of the Indian mint to coinage 
of silver on private account has, for the 21 United States pro- 
ducts, been already mentioned. The aggregate effect of this 
decline on British prices, as shown by the Economist and Sauer- 
beck Index Numbers, cannot of course be given, as data as to 
volume of the commodities are wanting. 



22 

THE CAUSE OF THE MOVEMENT. 

We have hitherto considered the movement of prices in the 
United States, with some of the aggregate effects of the same ; 
the movement of the world's prices and the relation, in point of 
time, of legislation to the various movements. It remains to 
consider some of the facts which may account for or explain 
the movement. 

Below is a list of the countries in Europe, North and 
South America and Oceanica, which were presumably included 
as "civilized nations," within Dr. Soetbeer's estimate of 1885, 
of the total gold in civilized countries, given in Consular report 
No. 87, page 528. 

No special significance is to be attached to this classifica- 
tion ; the object of it being merely to show the countries 
containing the population referred to in the various years : 

GOLD STANDARD. 

Australia and New Zealand. Austria Hungary, in 1891» 
previously Silver Standard. Brazil. Canada. Chili, in 1895, 
previously Silver Standard. Finland, in 1877, previously 
Double Standard. Germany, in 1873, previously Silver Stand- 
ard. Great Britain. Portugal. Roumania, in 1890, previously 
Double Standard. Scandinavia, in 1873, previously Double 
Standard. Turkey, in Europe only. United States, 1874 to 
1878 only. Uruguay. 

DOUBLE STANDARD.* 

Argentine Republic and Venezuela. Belgium. Bulgaria. 
Cuba and Hayti. Finland, prior to 1877. France. Greece. 
Italy. Roumania, prior to 1890. Servia. Spain. Scandinavia, 
prior to 1873. Switzerland. United States, except 1874 to 1878. 

SILVER STANDARD. 

Austria Hungary, prior to 1891. Chili, prior to 1895. 
Germany, (present area, ) prior to 1873. Mexico. Netherlands. 
Russia, in Europe ; without Finland. South America ; with- 
out Chili, Brazil, Uruguay, Argentine, and Venezuela. 

The following countries are not included either in popula- 
tion or in estimate of gold or silver : India, China, Japan, 
Egypt, Straits Settlements, Turkey in Asia, and Russia in Asia. 

♦ So called on account of the general existence of legal tender silver, actaal standard 
may be gold. 



23 



The population of the countries by groups, as determined 
in most instances by the Statesmans' Year Book of 1896, is as 
follows, in millions : 







YEAR 






1870 


1880 


1890 


1896 


Gold Standard Countries 


55.8 
143.6 
167.4 


118.8 

1H5. 

139. 


137. 

178. 
155.9 


191 6 


Double Standard Countries 

Silver Standard Countries 


192.4 
122.2 


Total Civilized Countries 


366.8 


422 8 


471.0 


506 2 







In table 26, given below, column "a" shows the total amount 
of gold in the civilized world at the end of the different years. 
The bold-faced figures for 1870-80-85, being the estimate made 
by Dr. Soetbeer, (see Consular Report, No. 87, page 528). The 
figures between Dr. Soetbeer's estimate are interpolations. 
Those after 1885 are based upon the World's production ; (see 
U. S. Mint Report); and upon a non-monetary consumption 
composed of a consumption in the arts of $56,400,000 in 1885, 
(Soetbeer's estimate); increasing by one per cent, each succeed- 
ing year, and of a flow to the East of $20,000,000 per year to 
and including 1892 ; and in 1893-94 and 1895, of a movement 
in the opposite direction of $32,000,000. 

Column "b" shows the gold in the great Government 
Banks in Europe and Australia. Those figures in Italics are 
interpolated on account of incomplete record. Other figures 
not specially noted are from Consular Report No. 87. The fig- 
ures there given are reduced to dollars by dividing the number 
of marks by four ; the francs by five, and by multiplying the 
English pound by five ; and are therefore not exact. 

The last two columns show the gold in circulation, total 
and per capita for Gold and Double Standard countries. 

The last column will to some extent lack literal accuracy, 
because there was at the beginning and throughout the total 
period some gold in the Silver Standard Countries. Nearly all 
of such gold was, however, in the great Banks, and cuts no 
figure in the circulation ; that remaining in circulation being 
too small, as compared with the entire stock, to materially affect 
the result. 



24 

It must also be borne in mind that the United States in 
1870 and until 1878 had very little gold ; most of the time but 
$25,000,000, and in 1895, according to the Treasury Department 
statement, $636,000,000. Had the United States been classed 
in 1870 as a non-user of gold, and omitted from the population 
of Column "c" until 1880, when it became a gold-using nation, 
the per capita for 1870 would be nearly 14, and that for 1880 
10.4; below which year the table would of coarse remain 
unchanged. 

Diagram 26 is a graphic presentation of table 26, except 
the last or per capita column, which is shown on diagram 27. 

Table 27 is perhaps sufficiently described by its heading. 
Dr. Soetbeer's estimate of the amount of silver in civilized 
countries in 1885, which in connection with the data given with 
it, would appear to equally well establish the amount for 1880, 
has served as a basis for this table. That estimate has been 
carried on to 1895, and back to 1872. 

The object of this table being in part to show the relation 
of the value of all circulating metallic money to the number of 
people using it; the per capita column has been computed as 
far down as 1879 in two ways; first by including the population 
of the United States in the divisor, and second, by omitting it. 
As during the period 1862 :o 1879, there was very little of either 
silver or gold in the United States, the second column would 
appear to best indicate for the entire civilized world the true 
relation of value of circulating precious metals to population. 
The second of the two series, in which the population of the 
United States is omitted, is thq one plotted in diagram 27. 

Diagram 27 shows in the lower part the coining and com- 
mercial value of the world's stock of silver. 

In the upper part is plotted the circulating gold in civilized 
countries per capita of gold standard and double standard 
countries, shown by the black line with small circles; also, 
shown by a double line and black dots, the value of the circu- 
lating metallic money per capita of civilized countries. 

These two series of numbers are, in 1872, so near 10, that, 
by regarding each of the large divisions of the vertical scale as 
one dollar, they may for casual inspection, be plotted direct, 
without the reduction, which would make them exactly compar- 



25 

able with each other, or with one in which 1870-1872 was equal 
to 100. 

The third line in the upper part, solid, is the arithmetical 
average of seven systems of index numbers, previously given in 
diagram 23-c, involving 264 articles or groups, and I believe 
fairly representing the world's prices for a quarter of a century. 

As the object of table and diagram No. 27 is to consider 
the relation of precious metals used as money, (and not of 
paper or token money) to population, the commercial value of 
the silver is used. 

Some interesting facts appearing from the table and 
diagrams herein contained may be brieflly mentioned. 

The remarkable agreement between the arithmetical aver- 
age of seven series of index numbers, which we may say repre- 
sents the world's prices, and the comparable series showing the 
price of silver, shown in diagram 23-c, would indicate beyond 
question that the movement of prices in general, and that of 
silver, has been produced by one and the same cause. 

The comparison of the world's prices with the amount of 
circulating gold per capita, and with the value of circulating 
gold and silver per capita, as shown by tables and diagrams 
26-27, indicate that the value or purchasing power of gold in- 
creases as the amount of it per capita in circulation diminishes, 
a,nd that the value or purchasing power of gold and silver 
taken together, increases as the total value per capita in circu- 
lation diminishes. 

The difference between the coining value and the commer- 
cial value of the silver in the world, at the end of 1895, was 
roundly, $1,200,000,000, U. S. coining value. 

Although the World's production of silver from 1872 to 
1895 amounted to $3,182,000,000, U. S. coining value, the 
World's stock of silver in 1895 was only $927,000,000 more than 
in 1872 ; the non-monetary consumption amounting to $2,250,- 
000,000, U. S. coining value. 

The actual commercial value of the World's stock of silver 
in 1895 was $269,000,000 less than in 1872. 

The World's stock of silver in 1871 was $1,490,000,000, 
IT. S. coining value ; a smaller amount than at any time since, 
and also less than at any previous year for forty years or more. 



26 



TABLE 1. 



Production and value of Wheat in the United States. 
Gold Basis. 





Product 
in Bushels 

a 


Pbick peb 


Total Value of 
Crop in Dollars 

a 


Commodity Units 




BuSHEIi 


Price 

per 
Unit of 
l.Ol.i ba 

c 




Year 


Cur- 
rency 
a 


Gold 


Number of Units 
in Crop 

c 


1870 
71 

72 


b 235,884,700 
230.722,400 
249.997,100 


$1,042 
1.258 
1.24 


$ .907 
1.127 
1.104 


213.902,589 
259,918,579 
276,060,534 


$ .920 
1.143 
1.121 


232.440,783 
227.353.853 
246,347,142 


70-72 

1873 
74 
75 
76 

77 
78 
79 

1880 
81 
82 
83 
84 
85 
86 
87 
88 
89 

1890 
91 
92 
93 
94 


716.604,200 

281,254,700 
308.102,700 
292,136,000 
289 956,500 
364,194,146 
420,122.400 
448.756,630 
498 549,868 
383,280,090 
. 504.185,470 
421.086,160 
512 765.000 
357,112,000 
457,218,000 
456.329,000 
415,868,000 
490.560.000 
399.262,000 
611,780,000 
515,949,000 
396,131,725 
460,267,416 


1.15 
.945 
1.009 
1.035 

1.084 

.777 

1.108 


1.046 

1.011 

.849 
.877 
.93 

1.034 
.771 

1.108 
.951 

1.192 
.884 
.911 
.645 
.771 
.687 
.681 
.926 
.698 
.838 
.839 
.624 
.538 
.491 


749,881,702 

284,439,834 

261.705.998 
256.285.383 
269,6.32.851 
376.539,773 
323.735,653 
497.020,142 
474,201,850 
456,880,427 
445 602,125 
383.649,282 
330,862,260 
275.320,390 
314.226 020 
310,612,960 
385,248.030 
342,491.707 
334.773,678 
513.472,711 
322.111,881 
213171,381 
225,902,025 


1.062 

1.026 

.862 
.891 
.944 

1.049 
.782 

1.124 
.9.36 

1.21 
.897 
.925 
.654 
.783 
.697 
.691 
.94 
.709 
.851 
.852 
.6.34 
.546 
498 


706,141,778 

277.148,381 
303,604,401 
287 870.814 
285 723,135 
358.876,911 
413.988,613 
442,204.783 
491,271,040 
377,684.201 
496.824.362 
414,938,302 
505,278,631 
351.898,165 
450,542,617 
449,666,597 
409 796.327 
483 .397.824 
393 432.775 
602 848,012 
508,416,145 
390.;348,202 
453 547,512 


70-94 


10,001,471,005 

True average, 
Value of comm 

d 467,102,947 






8.347,768.063 

.84736 -i-. 835 = 
237.938,998 


.847 

1.015 
.517 


9,855.449,528 


1895 


odity 


.835 
unit= 

.509 


bu. Unit for Wbeat. 
460.283,244 


73-95 








7,835,825,-359 


.815 


9,609,590,994 













a From U. S. Statistical Abstract, 1894, page 284, unless otherwise noted. 

b Direct from U. S. Agricultural Report, 1870. 

c Computed. 

d From U. 8. Statistical Abstract, 1895, page 298. 



27 



TABLE 2. 



Production and value of Corn in the United States. 
Gold Basis. 





Product 
in Bushels 

a 


Price per 


Total Value of 
Crop in Dollars 

a 


Commodity Onits 






Price 

pep 
Unit of 
2.129 bu 

c 




Year 


Cor- 

reacy 

$ 

a 


Gold 
9 


Number of Units 
in Crop 

c 


1870 
71 
72 


1,094,22.5,000 

991,898,000 

1,092,719,000 


.55 

.4822 

.3984 


.4785 
.4315 
.3546 


b 523,599.956 
428,056,930 
387.282,868 


1.019 
.9189 
.7545 


513.957,483 
465.894,491 
513,250,114 


70-72 

73 

74 
75 
76 
77 
78 
79 

1880 
81 
82 
83 
84 
85 
86 
87 
83 
89 

1890 
91 
92 
93 
94 


3,178,842,000 

932,274,000 
850,148,500 
1,321,069,000 
1,283,827,500 
1,342.558,000 
1,388,218,750 
1,547,901,790 
1.717.434,543 
1,194,916,000 
1,617,025,100 
1,551,066,895 
1.795,528,000 
1,936,176,000 
1.665,441,000 
1,456,161,000 
1.987,790,000 
2,112,892,000 
1,489,970,000 
2,060,154,000 
1,628,464,000 
1.619.496,131 
1,212,770,052 


.4796 
.64 

.4204 
.3705 
.3581 
.3178 


.421 

.4216 

.5816 

.3658 

.3327 

.3417 

.3153 

.3752 

.3959 

.636 

.4847 

.4242 

.3569 

.3283 

.3665 

.4438 

.3410 

.2831 

.5066 

.406 

.3944 

.3654 

.4577 


1,338,939,754 

393,073,875 

494.488,729 
483,237,959 
426.991,107 
458.533,804 
437,624.178 
580,486,217 
679.714,499 
759.482,170 
783,867,175 
658.051,485 
640,735,560 
635,674,630 
610,311,000 
646.106,770 
677,561,580 
597,918,829 
754,433,451 
836,439,228 
642,146.630 
591.625,627 
554.719.]62 


.8962 

.8977 
1.238 
.7787 
.7079 
.7272 
.6712 
.7984 
.8427 
1.353 
1.032 
.9032 
.7598 
.698 
.7802 
.9447 
.7257 
.602 
1.078 
.8644 
.8396 
.7778 
.9735 


1,493,102,088 

437,889,098 
399.314,750 
620.506.109 
603,013,777 
630 599,492 
652,046,347 
727.049,471 
806.679 005 
561.252,045 
759.516.689 
728.536,121 
843.359,502 
909.421,867 
782.257,638 
683 958.822 
933.664,963 
992.425,372 
699,838,909 
967.654.334 
764,889,541 
760,677,333 
569,638,093 


70-94 


36,890,124,261 

True average. . 






14,682.163,419 

.84736-^.398 = 
567.509,106 


.8475 

2.129 

.562 


17,327,291,366 






.398 
unit= 

.264 




1895 


"Value of comm 
d2,l 51,138,580 


odity 


bu. Diit for Gore. 
1,010,.389,791 


73-95 








13 910.732,775 


.826 


16,844,579,069 



a From U. S. Statistical Abstract, 1894, page 284, onless otherwise noted. 

6 Direct from Agricoltoral Beport, 1870. 

c Computed. 

d From U. 8. Statistical Abstract, 1895, page 29S. 



28 



TABLE 3. 

Production and value of Oats in the United States. 
Gold Basis. 







Pbioe pee 




Commodity Units 




Bushel 


Price 






Product 




Total Value of 


per 




Year 


in Bushels 


Cur- 




Crop in Dollars 


Unit of 


Number of Units 






rency 


Gold 




2.656 bn 


in Crop 






$ 


$ 




$ 






a 


a 




a 


c 


c 


1870 


247,277,400 


4334 


.377 


b 93.208,9.'^8 


i.ooi 


93,099,940 


71 


255,743,000 


.402 


.3^9 


91,890,177 


.954 


96,287,240 


72 


271,747,000 


.336 


.299 


81,270,982 


.794 


102,312 746 


70-72 


774,767,400 




.344 


266,370,097 


.913 


291,699,926 


73 


270,340,000 


.374 


.329 


88,933,484 


.874 


101,783,010 


74 


240 369,000 


.52 


.468 


112,417,730 


1.242 


90,498,929 


75 


354,317,500 


.365 


.318 


112,664.939 


.844 


133.400.539 


76 


320,884,000 


.3516 


.316 


101,353,578 


.839 


120,812,826 


77 


406,394,000 


.292 


.279 


113,203,119 


.74 


153,007,341 


78 


413,578,560 


.2465 


.2445 


101,130,263 


.649 


155,712,328 


79 


363,761,320 


.331 


.331 


120,533,294 


.88 


136,9o6.137 


1880 


417,885,380 




.3595 


150.243,555 


.955 


157,333.846 


81 


416,481,000 






.464 


193.198,970 


1.2,31 


156,805,097 


82 


488,250,610 






.375 


182,978,022 


.995 


183,826,,355 


83 


571,302,400 






.327 


187,040,264 


.87 


215,095,354 


84 


583,628,000 






.277 


161.528,470 


.735 


219.7.35,942 


85 


629,409.000 


• • • 




.285 


179.631,860 


.758 


236,972.489 


86 


624,134,000 






.298 


186,137.930 


.792 


234 988,451 


87 


659,618,000 






.304 


200.699.790 


.808 


248,346,177 


88 


701,735,000 


• • • 




.2785 


195,424,240 


.739 


264.203,228 


89 


751,51.5,000 


. • • 




.2285 


171.781,008 


.607 


282,943,398 


1890 


523,621.000 






.424 


222,048,486 


1.126 


197,143,306 


91 


738,.394,000 






.315 


232,312,267 


.836 


278,005,-341 


92 


661,035,000 


. . • 




.3165 


209,253,611 


.841 


248,879,678 


93 


638,854,850 






.294 


187,576,092 


.78 


240.528,851 


94 


662,086,928 






.3245 


214,816,920 


.862 


249,275,728 


70-94 


12,212,361,948 


... 






3,891,277,989 


.846 


4,597,954,277 




True average, 




.319 










Value of comm 


odity 


unit= 


.8473-5- .319 = 


2.656 


bu. Dflit for Oats. 


1895 


d 824,443,537 




.199 


163,655,068 


.527 


310.402,992 









73-95 








3,788,562,960 


.821 


4,616,657,343 













a From U . S. Statistical Abstract, 1894, page 285, unless otherwise noted. 

b Direct from U. 8. Agricultural Report, 1870. 

c Computed. 

d From U.S. Statistical Abstract, 1895, page 299. 



29 



TABLE 4. 



Production and value of Barley in the United States. 
Gold Basis. 





Prodact 


PbIOE FEB 

Bushel 


Total Value of 


Commodity Units 




Price 




Year 


in Bashels 


Cor- 




Crop in Dollars 


Unit of 


Number of Unitfi 






rency 


Gold 




1.418 ba 


in Crop 






$ 


$ 




$ 






a 


a 




a 


c 


c 


1870 


b 26,295.400 


.846 


.736 


19,352,788 


1.044 


18.540,886 


71 


26.718,500 


.844 


.755 


20.179,890 


1.071 


18,839,214 


72 


26.846,400 


.739 


.658 


17,655,618 


.933 


18,929,397 


70-72 


79,860,300 




.716 


57,188,296 


1.016 


56,309,497 


73 


32,044,491 


.915 


.805 


25.784,172 


1.141 


22,594,571 


74 


32,552,500 


.921 


.828 


26,955,408 


1.178 


22,952,768 


75 


36,908,600 


.8114 


.706 


26,058,311 


1.001 


26,024,254 


76 


38,710,500 


.665 


.597 


23,110,128 


.847 


27,294,774 


77 


34,441,400 


.6395 


.61 


21,015,326 


.865 


24,284,631 


78 


42.245,630 


.5795 


.575 


24,287,448 


812 


29,787.394 


79 


40,283,100 


.589 


.589 


23.714,444 


.835 


28,403,614 


1880 


45,165,346 




.666 


30,090,742 


.945 


81,846.085 


81 


41.161,330 




.823 


33,862,513 


1.167 


29,022,854 


82 


48,952,926 




.628 


30,768,015 


.891 


34,516,708 


83 


50,136,097 




.587 


29,420,423 


.832 


35,350,962 


84 


61,203,000 




.486 


29,779,170 


.69 


43,154,235 


85 


58.360,000 




.563 


32,867,696 


.799 


41,149,636 


86 


59,428,000 




.536 


31,840,510 


.759 


41,902,683 


87 


56,812,000 




.5198 


29,464,390 


.736 


40,058,141 


88 
89 


63,884,000 
d 




.5897 


37,672,032 


.836 


45,044,608 


1890 


d 












91 


d 












92 


d 












93 


69,869 495 




.4111 


28.729,386 


.583 


49,264,981 


94 


61,400.465 




.4419 


27,134,127 


.627 


43,293,468 


70-94 


953419,180 
True average. . 




.5975 
.5975 


569,742,537 


.847 


672,2.55,864 




Value of cotnm 


odity 


unit= 


.8473 H- .597 = 


1.418 


bu. Unit for Barley. 


1895 


e 87,072,744 





.337 


29,312,413 


.477 


61,394,992 


73-95 






541,866,654 


.800 


677,341,359 









From U. S. Statistical Abstract, 1894, page 286, unless otherwise noted. 

Direct from U. 8. Agricultural Report, 1870. 

Computed. 

No record. 

From n. S. Statistical Abstract, 1895, page 300 



30 



TABLE 5. 



Production and Value of Potatoes in the United States. 
Gold Basis. 





Prodact 
in Bushels 

a 


Peice pkb 


Total Value of 
Crop in Dollars 

a 


Commodity Units 




Bushel 


Price 

PPF 

Unit of 
1,645 bu 

$ 
b 




Year 


Cur- 
rency 

$ 

o 


Gold 

$ 


Number of Units 
in Crop 

b 


1870 
71 

72 


114 775,000 
120,461,100 
113,516,000 


.72 

.5966 

.5995 


.627 
.534 
.5338 


71.921.673 
64 293,820 
60,592,197 


1.03 

.8782 
.8782 


69 760,245 
73,216,257 
68995,024 


70-72 

73 
74 
75 

76 

77 
78 
79 
1880 
81 
82 
83 
84 
85 
86 
87 
88 
89 


348,752,100 

1 06.089,000 
1 05,98 1,a)0 
166 877,000 
124.877,000 
170 092,000 
124,126,650 
181,026,400 
1 67.659.570 
109,145,494 
170 972.508 
208.164,425 
190.642 000 
175.029,000 
168,' '51.000 
134.103.000 
202,365,000 


.705 

.677 

.388 

.672 

.4485 

.5887 

.436 


.564 

.62 

.6096 

.3391 

.6034 

.4279 

.5804 

.436 

.483 

.910 

.5576 

.422 

.396 

.447 

.467 

.682 

.402 


196,807,690 

65,727,128 

64,569,174 
56 566.895 
75..307,528 
72,741.9.33 
72,474 &^2 
79,ir.3,673 
81,062,214 
99,291,341 
95 304.844 
87,849,991 
75.524.290 
78 153 403 
78.441,940 
91,506,740 
81,413,589 


.9287 

1.019 
1.002 
.5578 
.9921 
.7042 
.9606 
.717 
.795 
.497 
.9172 
.6944 
.6522 
.7352 
.7683 
1.123 
.6624 


211,971,526 

64,480,894 

64,415,252 
101.427.840 

75,900,241 
103.381918 

75 444,178 
110,392„526 
101,903.487 

66,338,631 
103,917,089 
1 26,522,.3,38 
115.872,208 
106,382,626 
102.141.398 

81,507,803 
122,997,447 


1890 


c .... 












91 


c 












92 


c 












93 
94 


1 83 034.203 
170.787,338 




.594 
.536 


108,661,801 
91,526,787 


.9766 
.8817 


111,248.189 
103,804,544 


70-94 


3,208,374,688 

True average. 
Value of comm 

d 297,237.370 






1,652,085,613 

.8473-5- .515 = 
78,984,901 


.8472 

1.645 
.437 


1,950,050,135 


1895 


odity 


.515 
unit= 

.266 


bu. Unit for Potato*! 
180,660,873 


73-95 








1,534,262,824 


.800 


1,918,739,482 













o Direct from Agricultural Beports unless otherwise noted. 

b Computed. 

c No record, 

d From U. 8, Statistical Abstract, 1895, page 306. 



31 



TABLE 6. 



Production and Value of Hay in the United States. 
Gold Basis. 





Product in Tons 
a 


Priok 


Total Value of 
Crop Iq Dollars 

a 


Commodity Units 




PEE Ton 


Price 

per 

Unit of 

.088 ton 

$ 

6 




Year 


Car- 
rency 

$ 

a 


Gold 
$ 


Nmnber of Units 
in Crop 

b 


1870 
71 

72 


24 525,000 
22.230,400 
23812,800 


13.82 
15.82 
14.53 


12.03 
14.16 
12.93 


294903,622 
314.786,746 
307,912,480 


1.062 

1.25 

1.142 


277,84.3,725 
251.848,202 
269,775,211 


70-72 

73 
74 

75 
76 
77 
78 
79 
1880 
81 
82 
83 
84 
85 
86 
87 
88 
89 


70,568,200 

25.085.100 
24,1.33.900 
27.873,600 
30.867.400 
81,6-29,.300 
39.608.296 
35.403,000 
31925,233 
31,1.35.064 
38.1.38,049 
46 861,009 
48.470,460 
44.731,550 
41.796,499 
41 4.54,458 
46,643,094 
c 


13.55 
13.73 
12.27 
9.75 
8.59 
7.21 
9.32 


13.00 

11.91 
12.35 

10.69 
8.76 
8.20 
7.15 
9.32 
11.65 
11.82 
9.70 
8.19 
8.17 
8.71 
8.46 
9.97 
8.76 


917,602,848 

298.768.132 
297,947,243 
297.803,997 
270 209,324 
259.425,942 
283.259.402 
330,804,494 
371.811,084 
415.131..366 
369.958.158 
383.834,451 
396.139,309 
389.752.873 
353 437,699 
413.440,283 
408,499,565 


1.148 

1.051 
1.09 
.943 
.773 
.724 
.631 
.822 
1.028 
1.043 
.856 
.723 
.721 
.769 
.746 
.88 
.773 


799,467,138 

284.189,098 
273.412,953 
315.780,014 
349,696,775 
358,328,340 
448.722,385 
401.080,587 
361.680,965 
398.045,140 
432.065,957 
530 922,358 
549.121,841 
506,703,730 
473.512.537 
469637.555 
628,419,612 


1890 


c 












91 


c 













92 


c . 












93 
94 


65.766,158 
54 874,408 




8.68 
8.54 


570.882,872 
468.578,321 


.766 
.746 


745.064,804 
621.672,168 


70-94 


780,967,778 

True average, 
Value of comm 

d 47.078,541 






7.497,287,363 

.8473 -f- 9.60 = 
393,185,615 


.847 

.0883 
.737 


8,847,583,957 


1895 


odity 


9.60 
unit= 

8.3.52 


ton. Unit for Hay. 
533 .3.52,791 


73-95 








6,972,870,130 


.813 


8,581,469,610 













a Direct from Agricoltoral Reports onlesa otherwise noted. 

b Compnted. 

c No liecord. 

d From U. S. Statistical Abstract, 1895, page 306. 



82 



TABLE 7. 

Production and value of Tobacco in the United States. 
Gold Basis. 





Prodact in 
Pounds 

a 


Peioe peb 
Pound 


Total Value of 
Crop in Dollars 

a 


Commodity Units 




Price 

per 

Unit of 

10 46 lbs 

c 




Tear 


Cnr- 
rency 

« 

a 


Gold 


Number of 
Units 

c 


1870 
71 

72 


250,628,000 
263,196,100 
342,304,000 


.106 
.098 
.104 


.092 
.088 
.093 


23,270,027 
23.181,772 
31,800,043 


.97 
.92 
.972 


23,960,037 
25.161,547 
32,724,262 


70-72 

73 
74 

75 


856,128,100 

372,810,000 

178,355,000 

6 


.083 
.131 


.0915 

*!673' 
.118 


78,251,842 

27,131,189 
21,003,126 


.956 

.76 
1.23 


81,845,846 

35,640,636 
17,050,738 


76 

77 


381,002,000 
5 


.074 


.066 


25,398,105 


.697 


36,423,791 


78 
79 
1880 
81 
82 
83 
84 
85 
86 
87 
88 
89 


392,546,700 
391,278,350 
446,296,889 
449,880,014 
513,077,558 
451.545,641 
541,504,000 
562,736,000 
532,537,000 
386,240,000 
565,795,000 
5 


.056 
.058 




.056 

.058 

.082 

.096 

.084 

.0894 

.0815 

.0768 

.074 

.106 

.077 


21,960,328 
22,727,524 
36,414,615 
43,372,336 
43,189,950 
40,455,362 
44.160,151 
43,265,598 
39,468,218 
40,977,259 
43,666,665 


.585 
.607 
.8535 

1.009 
.88 
.937 
.8532 
.8042 
.7751 

1.11 
.807 


37,527,465 
37,406,210 
42,665,983 
43.008,529 
49,050,215 
43.167,763 
51.767,782 
53,797,562 
50.910,537 
36,924,544 
54,090,002 


1890 


h .... 












91 


5 












92 


5 












93 

94 


483,023,963 
406,678,385 




.081 
.0682 


39,155,442 
27,760,739 


.848 
.714 


46.177,091 
38,878,454 


70-94 


7,911.434,600 

True Average 
Value of Comm 

5 






638,358,449 
.84736 -V- .081= 


.844 
10.46 


756,333,148 


1895 


odity 


.081 
unit= 


lbs. Diit for Tobacco. 
















73-95 








560,106,607 


.830 


674,487,302 













o From 1870 to 1880, from the Annual Agricultural Eeports, from 1881 to 1894 inclo. 
sive, from U. 8. Statistical Abstract, page 291. 
b No Statistics on record or acceesible. 
Computed. 



33 



TABLE 8. 



Production and value of Cotton in the United States. 
Gold Basis. 





Product 
in Poonds 

a 


Peice peb 


Total VaJae of 
Ciop in Dollare 

a 


Commodity Units 




Pound 


Price 

per 

Unit of 

8.92 lbs 

$ 

c 




Year 


Cnr- 
rency 

% 


Gold 

$ 
b 


Namber of Units 
c 


1870 
71 

72 


d 954,100,000 

dl ,459.700,000 

1,384,084,494 


.235 

.1486 

.2082 


.2044 

.133 

.1853 


194,967,000 
194.125,500 
256,587,000 


1.823 
1.186 
1.654 


106,954,610 
163,632,370 
155,155,872 


70-72 

73 

74 
75 
76 
77 
78 
79 

1880 
81 
82 
83 
84 
85 
86 
87 
88 
89 

1890 
91 
92 
93 
94 


3,797,884,494 

1,833,188,931 
1,940,648,352 
1,783,644,032 
2,157,958,142 
2,095,901,297 
2,260,285,666 
2,404,410,373 
2,771,797,156 
3,199,822,(382 
2,588,240,050 
3,405,070,410 
2.757,544,422 
2,742.966,011 
3,182.305,659 
3,157,378,443 
3.439,172,391 
3,439,934,799 
3,627,366,183 
4,316,043,982 
4,506,575,984 
3352,658,458 
3,769,381,478 


.1642 

.1611 

.1437 

.1261 

.109 

.0907 

.0806 


.17 

.1444 

.1448 

.125 

.1133 

.104 

.0899 

.0806 

.0874 

.0876 

.1001 

.0909 

.0908 

.0926 

.0845 

.0815 

.0846 

.0849 

.085 

.081 

.069 

.080 

.070 


645,679,500 

264655,912 
280,919,520 
222,907.050 
244,316,587 
217.972,370 
203,360.000 
193,854,641 
242,140,987 
280,266,242 
259,016,315 
309.696,500 
250,594,750 
253,993,385 
269.989,812 
257,295,327 
291,045,346 
292,139,209 
308,424,271 
350,000,000 
313,000,000 
268,000,000 
263,857,000 


1.517 

1.288 
1.291 
1 115 
1.015 
.927 
.803 
.719 
,779 
.781 
.893 
.811 
.81 
.826 
.757 
.727 
.755 
.757 
.758 
.723 
.6197 
.713 
.624 


426,742,852 

205,500,479 
217.546,680 
199.946,496 
241,tK)7,108 
234,950,535. 
253,378,023; 
269,534,403 
310,718,461 
358.700,123 
290.141.710 
381,708,393 
309,120,730 
307.486,490 
356,736.464 
353,942,123 
385,531,225 
385,616,691 
406.627,749 
483,828,530 
505.187,168 
375,833,013 
422,547,664 


70-94 


68,530,179,395 

True average. . 






6,483.124,724 

.84736 -5- .095= 
262,426,000 


.844 

8.92 
.465 


7,682,233,109 






.095 
unit= 

.052 




1895 


Value of comm 
6 5,036,964,409 


odity 


lbs. Unit for CtttoB. 
564,643,710 


73-95 








6.099,871,224 


.780 


7,821,133,967 













From n. S. Statistical Abstract, 1894, page 267. 

Compated from amount and value. 

Computed. 

From Agricultural Reports. Values reduced to gold. 

From U. 8. Statistical Abstract, 1895. page 285. 



34 



TABLE 9. 



Production and Value of Wool in the United States. 
Gold Basis. 





Product 
in Founds 

a 


Prioe 


Total Value of 
Crop in Dollars 

c 


Commodity Units 




PEE Pound 


Price 

per 

Unit of 

2.38 lbs. 

$ 
c 




Year 


Cur- 
rency 

$ 
b 


Gold 

$ 

b 


Number of Units 
c 


1870 
71 

72 


162.000,000 
160 000,000 
150,000,000 


.446 

,59 

.69 


.388 
.528 
.614 


62 856,000 
84 480,000 
92,100,000 


.923 
1.257 
1.462 


68.056,200 
67 216,000 
63,015,000 


70-72 

73 

74 
75 
76 
77 
78 
79 

1880 
81 
82 
83 
84 
85 
86 
87 
88 
89, 

1890 
91 
92 
93 
94 


472,000,000 

158.000,000 
170,000.000 
181,000,000 
192.000,000 
200 000.000 
208,250,000 
211.000,000 
232.500,000 
240,000 000 
272,000,000 
290.000,000 
300 000,000 
308,000,000 
302.000,000 
285,000,000 
269000,000 
265,000.000 
276.000,000 
285,00C,000 
294.000.000 
303,153,000 
298,057,384 


.473 

.507 

.49 

.347 

.437 

.347 

.363 


.507 

.416 

.456 

.426 

.312 

.416 

.344 

.363 

.4:,3 

.406 

.403 

.376 

.33 

.303 

.316 

.35 

.31 

.353 

.33 

.316 

.306 

.25 

.196 


239,436,000 

65,728,000 
77,520 000 
77.106.000 
59.904,000 
83 200,000 
71 638,000 
76,593.000 
105,322.500 
97 440,000 
109 616,000 
109,040,000 
99.000,000 
93 324.000 
95,432 000 
99,7n0 000 
83.390,000 
93,345 000 
91,080.000 
90.('60.000 
89964.000 
75.788.250 
58,419.247 


1.208 

.99 
1.086 
1.014 
.743 
.99 
.819 
.864 
1.078 
.967 
.959 
.895 
.786 
.722 
.753 
.833 
.738 
.839 
.785 
.752 
.728 
.595 
.466 


198,287,200 

66.375,800 
71.417.000 
76,038,100 
80,659,200 
84.020,000 
87.485,825 
88 641,100 
97.673.250 
100 824,000 

114 267.200 
121.829,000 
126,0.30,000 
129,390 800 
126,870 200 
1 1 9.728,500 
113.006.900 
111.3-26,.^00 

115 947,600 
1 1 9,728 500 
123.5(19.400 
1 27 354..)75 
125,213,907 


70-94 


6,011,960,384 

True average, 
Value of comm 

d 309,748,000 






2,142,095,997 

.84736- .356= 
59,781,364 


.848 

2.380 
.459 


2,526,624,557 


1895 


odity 


.356 
unit= 

.193 


lbs. Unit for Wool. 
130.12.5,135 


73-95 








1,962,441,361 


.799 


2,457,462,492 













a From U. S. Statistical Abstract, 1894, page 273. 

b Average of prices given for the three grades of washed Ohio fleece wool for monUi 
of July of each year. See U. S. Statistical Abstract, 1894, page 409. 
c Computed. 
d From U. S. Statistical Abstract, 1895, pp. 292 and 375. 



35 



TABLE 10. 

Number and Value of Horses in the United States. 
Gold Basis. 







Price 




Commodity Units 




PER Head 


Price 




On 


Number 




Value 


pr.Unit 




Jan. 


of Animals 


Cur- 




in Dollars 


of .0132 


Number of 


let 




rency 

$ 


Gold 

$ 




horse 

$ 


Units 




a 


b 


b 


a 


b 


b 


1870 


8.248,800 '93 .36 


81.38 


584.047,931 


.9.31 


625 588,992 


71 


8,702,000 62.37 


55.82 


611,515 540 


.927 


659 959.680 


72 


8,990,900 


73.35 


65.31 


587,140.045 


.861 


681,869,856 


70-72 


25,941,700 




68.72 


1,782,703,516 


.906 


1,967.418,528 


73 


9,222.470 


74.22 


65 23 


601,643,818 


.86 


699.432.125 


74 


9.333,800 


71.45 


64.23 


599,567,737 


.847 


707.875,392 


75 


9,504,200 


68.01 


59.16 


562,342,716 


.78 


720.798.528 


76 


9.735.300 


64.96 


58.34 


567 937,392 


.769 


738.325,152 


77 


10.155,400 


60.11 


57.35 


582,137,125 


.756 


770,185.536 


78 


10,329,700 


58.22 


57.75 


596.007,171 


-.76 


783.404 448 


79 


10.938,700 


52.40 


52.40 


573,254,808 


.69 


829.591,008 


1880 


11,201,800 




54.75 


613,296,611 


.722 


849.544,512 


81 


11,429.626 




58.48 


667,954,-325 


.771 


866,822,836 


82 


10.521,554 




58.54 


615,824,914 


.772 


797.954,655 


83 


10,838,111 




70.64 


765.041,308 


.93 


821,962,338 


84 


11,169 683 




74.71 


833.734.400 


.984 


847 108,759 


85 


11,564.572 




73.72 


852,282 947 


.972 


877.057,140 


86 


12.077,657 




71.32 


860 823.208 


.94 


915 969.507 


87 


12.496.744 




72 19 


901 685.755 


.951 


947.753,065 


88 


13.172.936 




71.83 


946.096,154 


.947 


999 0.35,466 


89 


13.663,294 




71.90 


982 194.827 


.948 


1.036 224 217 


1890 


14.213,837 




68.86 


978 516.562 


.907 


1.077 977.398 


91 


14,056.750 




67.03 


941 823.222 


.883 


1 066 063 920 


92 


15.498.140 




65.01 


1,007,593,636 


.857 


1.175 378.9.38 


93 


16.206.802 




61.25 


992 225,185 


.807 


1,229.123 864 


94 


16,081,139 




47.84 


769.224,799 


.631 


1.219.593,582 


70-94 


289,353,915 
True average . . 






18,593,912,136 


847 


21,944,600,914 






64.26 






Value of comm 


odity 


unit=: 


.84736-- 64. 26= 


.0132 


ani. Unit for bonei. 


1895 


c 15,893,318 




36.29 


576,730,580 


.479 


1,205.349,237 


73-95 








17,387.939,200 


.821 


21,182,531,623 











a From Report of the Statistician, Department of Agriculture, January and Feb- 
ruary, 1895, rage 5. 
b Computed, 
c From U. S. Statistical Abstract, 1895, page 307. 



36 



TABLE 11. 

Number and Value of Mules in the United States. 
Gold Basis. 





Number 


Pbice 


Value 


Commodity Units 


On 


PER Head 


Price 
pr.Unit 




Jan. 


of Animals 






in Dollars 


0113 


Number of 


Ist 




rency 

$ 


Gold 

% 




Mole 

$ 


Units 




a 


6 


b 


a 


b 


b 


1870 


1,179,500 


109.00 


94.83 


111,868,772 


1.07 


104,550,880 


71 


1,242.300 


101.50 


90.82 


112,884,368 


1.025 


110,117,472 


72 


1,276,300 


94.84 


84.41 


107,714,311 


.952 


113,131,232 


70-72 


3,689,100 




89.90 


332,467,451 


1.014 


327,799,584 


73 


1,310,000 


95.09 


83.59 


109,574,456 


.943 


116,118,400 


74 


1,339,350 


89.22 


80.21 


107,432,171 


.905 


118,719,984 


75 


1,393,750 


80.04 


69.63 


97,007,360 


.785 


123,542,000 


76 


1,414,500 


75.36 


67.67 


95,695,472 


.764 


125,381,280 


77 


1,443,500 


68.94 


65.77 


94.904,851 


.742 


127,951,840 


78 


1,637,500 


63.67 


63 16 


103.488.355 


.713 


145,148,000 


79 


1,713,100 




56.06 


96.033,971 


.633 


151,849,184 


1880 


1,729,500 





61.25 


105,948 319 


.691 


153.302,880 


81 


1,720,731 





69.77 


120,096,164 


.787 


152,225,596 


82 


1,835,166 




71.34 


130 945,378 


.805 


162,669.114 


83 


1,871,079 




79.45 


148,732,390 


.897 


165,852,443 


84 


1,914,126 




84.22 


161,214,976 


.950 


169.668.128 


85 


1,972,569 




82 35 


162.497,097 


.929 


174,848,516 


86 


2 052,593 




79.58 


163.381,096 


.898 


181.941,844 


87 


2,117,141 




78.89 


167,057,538 


.89 


187 663 378 


88 


2,191,727 




79.78 


174,853,563 


.90 


194 274,681 


89 


2,257.574 




79.49 


179444.481 


.896 


200,111,359 


1890 


2,331,027 




78.21 


182,394.099 


.882 


206,622,233 


91 


2,296,532 




77.88 


178,847.370 


.879 


203 564,596 


92 


2,314,699 




75.54 


174 882,070 


.852 


205,174,919 


93 


2,331.128 




70.66 


164,763.751 


.797 


206,631,186 


94 


2,352,231 




62.16 


146,232,811 


.701 


208,501,756 


70-94 


45,237,623 
True Average . 






3,397,895,190 


847 


4,009,862,903 






75.11 






Value of Comm 


odity 


unit= 


.8473^75.11= 


.0113 


ani. Unit for llules. 


1895 


c 2,333,108 




47.54 


110,927,834 


.536 


206,806,693 


73-95 








3,176,355,573 


.817 


3,888,870,012 











a From Report of the Statistician, Department of Agriculture, January and Feb- 
ruary, 1895, page 5. 
b Computed. 
c From U. S. Statistical Abstract, 18i5, page 307. 



37 



TABLE 12. 



Number and Value of Milch Cows in the United States. 
Gold Basis. 







Price 




Commodity Units 




PER Head 


Price 




On 


Number 




Value 


pr.Unit 




Jan. 


of Animals 


Cur- 




in Dollars 


0332 


Number of 


let 




rency 


Gold 




Cow 

$ 


Units 




a 


b 


b 


a 


b 


b 


1870 


10,095,600 


39. IS 


34.04 


343,598,448 


1.129 


304,382,340 


71 


10,023,000 


37.32 


! 33.41 


334,890.288 


1.108 


302,193,450 


72 


10,303,500 


31.97 


28.46 


293.173,995 


.944 


310,650,525 


70-72 


30,422,100 




31.94 


971,662,731 


1.059 


917,226,315 


73 


10,575,900 


29.74 


26.14 


276,321,500 


.867 


318,863,385 


74 


10,705,300 


28. OC 


25.17 


269.348,769 


.834 


322,764,795 


75 


10.906,800 


28.54 


24.83 


270.648,147 


.823 


328.840,020 


76 


11,085,400 


28. 9C 


) 25.96 


287,671.362 


.861 


334,224,810 


77 


11,260.800 


27.35 


. 26.07 


293,587,023 


.864 


339,513,120 


78 


11.300,100 


26.45 


. 26.20 


296,111,867 


.869 


340,698.015 


79 


11,826.400 




21.73 


256,953,928 


.721 


356,565,960 


1880 


12,027.000 




23.27 


279,89J,420 


.771 


362.614,050 


81 


12,368,653 




23.96 


296,277.060 


.794 


372.914.888 


82 


12,611,632 




23.88 


326.480,310 


.859 


380.240,705 


83 


13,125,685 




30.22 


396.575,405 


1.002 


395,7.i9,402 


84 


13,501,206 




31.36 


423.486.649 


1.04 


407.061.361 


85 


13,904,722 




29.70 


412,903,093 


.985 


419,227,368 


86 


14,235,388 




27.40 


389.985 523 


.909 


429.196,948 


87 


14,522.083 




26.08 


378,789,589 


.865 


437,840,802 


88 


14.856,414 





24.66 


366.252,173 


.818 


447,920,882 


89 


15.298,625 




23.95 


366,226,376 


.794 


461,253,544 


1890 


15,952,883 




22.08 


352,152,133 


.732 


480.979,422 


91 


16,019,591 




21.63 


346,397,900 


.717 


482.990 669 


92 


16,416,351 




21.41 


351.378,132 


.71 


494,952,983 


93 


16,424,087 




21.75 


357,299,785 


.721 


495.186,223 


94 


16,487,400 




21.78 


358.998,661 


.722 


497,095.110 


70-94 


325,834,520 
True average, 




25.55 


8,325,407,536 


.847 


9,823,910,777 




Value of comm 


odity 


unit=: 


.84736^25.55= 


.0332 


cow. Unit for Cows. 


1895 


c 16,504,629 




21.98 


362,601,729 


.729 


497.614,564 


73-95 








7,716,346,-534 


.821 


9,404,299,026 













a From Report of the Statisticion, Department of Igriculture, January and Feb- 
ruary, 1895, page f>. 
b Computed, 
c From U. 8. Statistical Abstract, 1895, page 807. 



88 



TABLE 13. 



Number and Value of Oxen and Other Cattle in U. S. 
Gold Basis. 





Number 
of Animals 

a 


Peioe 


Value 
in DoUars 

a 


Commodity Unit8 


On 


PEE Head 


Price 

pr.Unit 

.048 

Ox 

f 




Jan. 

1st 


Cur- 
rency 

$ 
b 


Gold 

$ 
b 


Number of 
Units 

b 


1870 
71 

72 


15.388.500 
16.212.200 
16,389,800 


22.55 
22.81 
19.63 


19 62 
20.42 

17.47 


301,826,003 
331.096,350 
286,190,797 


.944 
.983 
.841 


319.619,145 
336,727,394 
340,416,146 


70-72 

73 
74 
75 
76 
77 
78 
79 

1880 
81 
82 
83 
84 
85 
86 
87 
88 
89 

1890 
91 
92 
93 
94 


47,990,500 

16,413,800 
16,218,100 
16,313,400 
16,785,300 
17,956,100 
19,223,300 
21,408,100 
21,231,000 
20,937,702 
23,280,238 
28,046.077 
29046.101 
29,866,573 
31,275,242 
33,511,750 
34.378,363 
35,032,417 
36,849,024 
36,875,648 
37,651,239 
35,954,196 
36,608,168 


20.06 
19.16 
18.69 
19.05 
17.10 
17.54 
15.40 


19.15 

17.64 
17.22 
16.26 
17.10 
16.32 
17.01 
15.39 
16.10 
17.33 
19.89 
21.80 
22.83 
23.25 
21.16 
19.79 
17.79 
17.05 
15.21 
14.75 
15.16 
15.24 
14.66 


919,113,150 

289,4.53,606 
279,274,173 
265,227,-207 
287,021 911 
292,978,538 
326,905,369 
329,543,327 
341,761,154 
362,861,509 
463,069.499 
611,549,109 
683.229,054 
694,382,913 
661,956,274 
663,137,926 
611.750,520 
597.236,812 
560,62.5,137 
544,127,908 
570,749,155 
547 882,204 
536,789,747 


.922 

.849 
,829 
.783 
.823 
.785 
.819 
.741 
.775 
.834 
.958 
1.05 
1.133 
1.119 
1.019 
.953 
.857 
.821 
.732 
.71 
.729 
.734 
.706 


996,762,685 
i 
340.914.626 
336 849,937 
338 829,318 
348 630,681 
372,948,197 
399,267,941 
444,646.237 
440.967.870 
434,876.071 
48 .:( ,530,543 
582,517.019 
603,287,518 
620,328.721 
649,586,776 
696,039.048 
714,038.600 
727,623,301 
765.354.228 
765.907,209 
782,016,234 
746.768,651 
7 60,3.) 1,649 


70-94 


642,852,338 
True average. . 






11,440,626,202 

.8473-^17.60= 
482,999,129 


.857 

.0482 
.677 


13,352.043,060 






17.60 
unit= 

14.57 




1895 


Value of comm 
34,364,216 


odity 


ox. Unit for Oien, 
713,744,766 


73-95 








11,004,512,181 


.842 


13,069,025,141 













a From Report of the Statistician, Department of Agriculture, January and Feb- 
ruary, 1895, page 5. 
b Computed. 
c From U. 8. Statistical Abstract, 1895, page 308. 



39 



TABLE 14. 



Number and value of Sheep in the United States. 
Gold Basis. 





Number 


Pbioe 


Value 


Commodity Units 


On 


FEB Head 


Price 
pr.Dnit 




Jan. 


of Animals 


Cor- 




in Dollars 


of 8774 


M umber of 


Ibt 




rency 

9 


Gold 
$ 




Sheep 


Units 




a 


b 


b 


a 


b 


b 


1870 


40,853,000 


2.286' 1.988 


81,227,057 


.751 


108.219.597 


71 


31,851,000 


2.324 2.080 


66.262.974 


.785 


84.373,299 


72 


31,679,300 


2.803^ 2.49 


79,006,365 


.941 


83,918,466 


70-72 


104,383,300 




2.169 


226,496,396 


.819 


276,511,362 


73 


33.002,400 


2.967 


2.61 


86.073.746 


.985 


87.423.a57 


74 


33 928,200 


2.615 


2.35 


79.732,822 


.887 


89 875,802 


75 


33 783.600 


2.792' 2.43 


82.058,967 


.917 


89.492,756 


76 


35.935,300 


2.607 


2.34 


84112.354 


.884 


95 192,610 


77 


35.804.200 


2.26 


2.155 


77.171 620 


.814 


94 845.326 


78 


35.740,500 


2.255 


2.24 


79.958 237 


.845 


94,676,585 


79 


38,123.800 




2.07 


79 023,984 


.783 


100 989.946 


1880 


40.765,900 




2.21 


90,230,537 


.856 


107,988,869 


81 


43 576,899 




2.39 


104,070,759 


.901 


115 43.\205 


82 


45.016.224 




2.37 


106,594.954 


.894 


119,247.977 


83 


49.237.291 


2.52 


124 36.5,835 


.953 


130,429,584 


84 


50626,626 


1 2.37 


119 902,706 


.894 


134,109.932 


85 


50360.243 




2.14 


107 960.650 


.809 


133,404.284 


86 


48 322.331 




1.91 


92,443.867 


.722 


128.005,855 


87 


44.759,314 




2.01 


89,872,839 


.758 


118,567,423 


88 


43,544,755 




2.05 


89.279.926 


.774 


115,3.i0.056 


89 


42.599.079 




2.13 


90,640,-369 


.804 


112.844.960 


1890 


44 336,072 




2.27 


100,659,761 


.857 


117.446,255 


91 


43,431,136 




2.49 


108.397,447 


.942 


115.049.079 


92 


44 938..365 




2.58 


116.121,290 


.976 


119 041,729 


93 


47,273,5.^3 




2.66 


125.909,264 


1.006 


125 -^27 .642 


94 


45,048,017 




1.98 


89,186,110 


.747 


119.332,197 


70-94 


1,034,537,105 






2,350,264,440 


.857 


2,740 488,791 




True average. . 




2.245 










Value of comm 


odity 


unit= 


.8473 H- 2.245= 


.3774 


ani. Uit Tor Sheep. 


1895 


42,294,064 




1.577 


66,685,767 


.595 


112,0:56,976 


73-95 








2,190,453,811 


.850 


2,576,014,405 













o From Reports of the Statistician, Department of Agricnltore, January and Feb- 
loary, 1895, page 5. 
b Computed, 
c From U. S. Statistical Abstract, 1895, page 308. 



40 



TABLE 15. 

Number and value of Swine in the United States. 
Gold Basis. 







Pbice 




Commodity Units 




PEE Head 


Price 




On 


Number 
of Animals 




Value 
in DoUare 


pr.Unit 
of .1688 




Jan. 


Cur- 




Number of 


l8t 




rency 

$ 


Gold 

$ 




animal 

$ 


Units 




a 


b 


b 


a 


6 


b 


1870 


26,751,400 


6.995 


6.086 


162.856.607 


1 026 


158,716,056 


71 


29.457,500 


6.199 


5.548 


163,429,105 


.935 


174.771.348 


72 


31,796,300 


4.362 


3.882 


123,473,107 


.654 


188,647,448 


70-72 


88.005,200 





5.11 


449,758,819 


.861 


522,134,852 


73 


32,632,050 


4.09 


3.595 


117,368,331 


.606 


193,605,953 


74 


30,860,900 


4.358 


3.918 


120,974,408 


.661 


183,097,719 


75 


28,062,200 


5.337 


4.644 


130, .386.234 


.783 


166,493,033 


76 


25.726,800 


6.806 


6.112 


157,213.295 


1.03 


152,637,104 


77 


28,077,100 


6.094 


5.814 


163.207,645 


.98 


166,581,434 


78 


32,262,500 


4.984 


4.944 


159,551,824 


.833 


191.413,413 


79 


34 766,100 


3.182 


3.182 


110,613,014 


.536 


206,267,271 


1880 


34,034.100 





4.282 


145,781,515 


.722 


201,924,315 


81 


36,247,603 




4.705 


170.535,435 


.793 


215,057,029 


82 


44,122,200 




5.972 


263 54.3,195 


1.007 


261,777,012 


83 


43.270,086 




6.746 


291,951,221 


1.137 


256,721.420 


84 


44,200.893 




5.572 


246,301,139 


.939 


262,243,899 


85 


45,142.657 




5.016 


226 401,683 


.845 


267,831.384 


86 


46 092,013 




4.263 


196,569.894 


.719 


273,464,091 


87 


44.612,836 




4.483 


200.043,291 


.756 


264,687,956 


88 


44,346 525 




4.98 


220.811,082 


.839 


263.107,933 


89 


50.301,592 




5.791 


291,307,193 


.976 


298.439,345 


1890 


51,602,780 




4.717 


243.418,336 


.795 


306.159,294 


91 


50.625,106 




4.151 


210,193,923 


.699 


300.358,754 


92 


52.398,019 




4.60 


241,0.31,415 


.775 


310.877,447 


93 


46.094.807 




6.409 


295,426,492 


1.08 


273,480,490 


94 


45,206,498 




5.98 


270.384,626 


1.008 


268,210,152 


70-94 


978,690,595 
True average.. 




5.027 


4,922,774,040 


.848 


5,806,571,300 




Value of comm 


odity 


unit= 


.84736-1-5.027= 


.1686 


ani. Unit for Swine. 


1895 


44,165,716 




4.97 


219,501,267 


.833 


262,035,193 


73-95 








4,692,516,488 


.846 


5,546,471,641 











a From Report of the Statistician, Department of Agriculture, January and Feb- 
ruary, 1895, page 5. 
6 Computed, 
c From U. S. Statistical Abstract, 1895. page 308. 



41 
TABLE 16. 

Production and value of Pig Iron in the United States. 
Gold Basis. 





Product in 

Tons 

(2240 Pounds) 

a 


Price per 
Ton 


Total Value of 
Product in Dollars 

d 


Commodity Units 




Price 
pr.Unit 
of .0415 

ton 

$ 
d 




Year 


Cur- 
rency 

$ 
b 


Gold 

$ 
b 


Number of 
Units 

d 


1870 
71 

72 


c 1,665,000 
c 1,704,000 
c 2,549,000 


33.25 
35.12 

48.88 


28.93 
31.43 
43.47 


48.168,450 

53,556.720 

110,881,500 


1.201 
1.305 
1.805 


40,109,850 
41,049.360 
61,405,410 


70-72 

73 

74 
75 
76 
77 
78 
79 

1880 
81 
82 
83 
84 
85 
86 
87 
88 
89 

1890 
91 
92 
93 
94 


5,918,000 

c 2,562,000 
2,401,262 
2,023,733 
1,868,961 
2.066,594 
2,301,215 
2,741,853 
3,835,191 
4,144,254 
4,623,323 
4,595,510 
4.097,868 
4,044,526 
5,683,329 
6,417,148 
6,489,738 
7,603,642 
9,202,703 
8,279,870 
9,157,000 
7,124,502 

e 7,000,000 


42.75 
30.25 
25.50 
22.25 
18.88 
17.63 
21.50 



35.92 

37.58 
27.19 
22.16 
19.99 
18.01 
17.49 
21.50 
28.50 
25.12 
25.75 
22.38 
19.88 
18.00 
18.71 
20.92 
18.88 
17.75 
18.40 
17.52 
15.75 
14.52 
12.66 


212,606,670 

96.279,960 

65,290.314 

44 886,398 

37,341,841 

37,219,358 

40,248,250 

58 049,840 

109,302,944 

104,103,660 

119.050,567 

102,847,514 

81,465,616 

72.801,468 

106,335,086 

134.246,736 

122.526,253 

134,961,645 

169,329.735 

145,063,322 

144,222,750 

103,447,769 

88,620,000 


1.492 

1.56 
1.129 
.921 

.829 
.747 
.726 
.879 
1.183 
1.043 
1.069 
.929 
.825 
.747 
.777 
.869 
.784 
.737 
.764 
.727 
.654 
.603 
.526 


142,564,620 

61,718,580 

57,846,402 

48,751.728 

45,023,270 

49,784,250 

55,436,269 

66,051,239 

92,389,751 

99,835,079 

111,375,851 

110.705,836 

98,717,640 

97.432631 

136.911,396 

154,589,095 

156,337,788 

183,171,736 

221.693,116 

199,462,068 

220,592,130 

171,629.253 

168,630,000 


70 94 


114,182,222 
True average . . 






2,330,250,696 

.84736 --20. 41= 

84.282,532 
123.746,634 


.847 

.0415 

.526 
.544 


2,750,649,728 






20.41 
unit= 

12 66 
13.10 


1894 
95 


Value of comm 

/ 6,657,388 
9.446,308 


odity 


ton. I'nit fur Pig Iron. 

160,376,477 
227,561,560 


73-95 


1 




2.237.053,192 


.791 


2.827,393,145 



a From U. 8. Statistical Abstract, 1894, ptige 274, unless otherwise noted. 

b From U. S. Statistical Abstract, 1891, page 41i. Prices of No. 1 Anthracite iron at 
Philadelphia, the prices from 1870 to 1878 inclusive reduced to gold basis. The prices are 
presumably based upon the long ton . 

c From Mineral Industry, Vol. II, page 354, reduced to long ton. 

d < "omputed. 

e Estimated. Actual return not received. 

f Revised fignres. 



42 



TABLE 17. 



Production and value of Copper in the United States. 
Gold Basis. 





Product 
in Poonde 

o 


Pbioe pee 


Total Value 
in Dollars 

c 


Commodity Units 




Pound 


Price 

per 

Unit of 

6.4191b 

i 




Ybab 


Cur- 
rency 

$ 
b 


Gold 

$ 
b 


Number of 
Units 

d 


1870 
71 

72 


28,224,000 
29,120.000 
28.000,000 


.206 
.226 
.33 


.179 
.203 

.294 


5,063,386 
5,-96,800 
8,223,600 


1.15 
1.30 

1.885 


4,397,299 
4,536 896 
4,362,400 


70-72 

73 
74 
75 
76 
77 
78 
79 

1880 
81 
82 
83 
84 
85 
86 
87 
88 
89 

1890 
91 
92 
93 
94 


85,344,000 

34,720 000 

39.200,000 

40,320,000 

42,560,000 

47,040,000 

48,160,000 

51.520,000 

60,480,000 

71,680,000 

91,646.2.32 

117.151,795 

145.221.934 

170,962,607 

161,235.381 

185,227,331 

231,270,662 

231,246,214 

265.115,133 

295,810.076 

353,275.742 

337,416,848 


.29 

.2.32 

.225 

.21 

.186 

.165 

.171 




.225 

.255 

.209 

.196 

.189 

.178 

.164 

.171 

.19 

.17 

.174 

.154 

.122 

.107 

.103 

.114 

.146 

.116 

.116 

.13 

.107 

.095 


19,183,786 

8,850,128 

8,192,800 

7,894,6^.6 

8,026,816 

8.3.59,008 

7,883,792 

8,809.920 

11,491,200 

12.175,600 

16,038,091 

18,064.807 

17,789,687 

18,292,999 

16,527,651 

21,115916 

33,8,33,954 

26,907,809 

30,848,797 

38,455,300 

37,977.142 

32,054,601 


1.443 

1.636 

1.341 

1.257 

1.211 

1.141 

1.051 

1.098 

1.22 

1.09 

1.123 

.989 

.786 

.687 

.658 

.7,32 

.939 

.747 

.747 

.834 

.69 

.61 


13,296,595 

5,409,376 

6,107,360 

6,281,856 

6,630,848 

7,328 832 

7,503,328 

8.026,816 

9,422,784 

11.167,744 

14,278,483 

18,252.250 

22,625,577 

26 635,974 

25,120,472 

28,858,418 

36,031,969 

36 028,160 

41,304,938 

46,087,210 

55,040,361 

52,569,545 
















70-94 


3,106,603,955 

True average . . 
Value of comm 

360,844,218 

381,106,868 






408,774,460 

.84736 H-. 132 = 

33,141,142 

38,682,346 


.845 

6.419 

.589 
.651 


484,008,896 

IbB. Unit for Copper. 

56.219 529 
59,376,450 


1894 
95 


odity 


.132 
unit= 

.092 
.102 


73-95 


1 




461,414,162 


.787 


586,308,280 



o From 1870 to 1880 "Mineral Resources" 1883, page 215, reduced to pounds. From 
1880 to 1893 inclusive, from Mineral Resources, 1893. 

6 To 1880 from Mineral Industry, Vol. II, Page 253, Lake Copper at N. Y., and from 
1880 computed from amounts and values given in Mineral Resources. 

c Computed to 1880. Below 1880 from Mineral Resources. 

d Computed. 



43 

TABLE 18. 

Production and value of Silver in the United States. 
Gold Basis. 











Commodity Units 




Product 


Price per Oz. 

Gold 
Cominerc al 


Commercial Value 








Price 

per 

Unit of 




Year 


in Troy Oances 


Value 


in Dollars 


Number of 






$ 




.8140 oz 

$ 
c 


Units 




a 


b 


c 


c 


1870 


12.375,360 


1.328 


16.434,478 


1.081 


15.209,317 


71 


17,789,465 


1.326 


23,588,831 


1.079 


21.863,250 


72 


22,254,002 


1.322 


29,419,791 


1.075 


27,350,168 


70-72 


52,418,827 


1.325 


69,443,100 


1.078 


64,422,737 


73 


27,665,712 


1.298 


35.910,094 


1.056 


34,001.160 


74 


28,865.418 


1.278 


36,890,004 


1.04 


35.475,599 


75 


24,533,993 


1.246 


30,569,355 


1.013 


30.152.277 


76 


30,010,054 


1.156 


34,691,622 


.941 


36.882,356 


77 


30.783.509 


1.201 


36,970,994 


.977 


37.^32.933 


78 


34.960,000 


1.152 


40,273,920 


.937 


42.96.1,840 


79 


31,550,000 


1.123 


35,430,650 


.913 


38,774.950 


1880 


30,320,000 


1.145 


34.716.400 


.932 


37.263,280 


81 


33,260,000 


1.138 


37.849,880 


.926 


40,876,540 


82 


36,200,000 


1.136 


41,123.2U0 


.924 


44489,800 


83 


35,730,000 


1.11 


39,660,300 


.903 


43 912.170 


84 


37.800,000 


1.113 


42,071,400 


.906 


46 456,200 


85 


39,910,000 


1.065 


42,504,150 


.867 


49,049 390 


86 


39,685,513 


.995 


39,487,085 


.809 


48.773,495 


87 


41,721,592 


.978 


40,803,717 


.796 


51,275,837 


88 


45,792682 


.939 


42,999,328 


.764 


56,279,206 


89 


d 51.354,839 


.935 


48 016,774 


.761 


63.115,097 


1890 


54,517,440 


1.046 


57.025.242 


.851 


67,001,934 


91 


58,331,314 


.988 


57,631,338 


.804 


71,689,185 


92 


e 65.000,000 


.871 


56,615,000 


.709 


79,885,000 


93 


60,500.000 


.78 


47,190,000 


.635 


74.354.500 


94 


f 45,230,000 


.635 


28,721,050 


.517 


55,587,670 


70-94 


936,140,893 
True average. . 




976,594,603 


.847 


1,150,517,156 




1.041 








Value of comm 


odity unit= 


.84736--1.041= 


81.40 


oz. Unit for Silnr. 


1894 


g 49.846.875 


.635 


31,652,766 


.517 


61.261,809 


95 


h 47,000,000 


.654 


30,738,000 


.532 


57,763,000 


73-95 




940,821,219 1 


.818 


1,149.531,558 



a From Mineral Industry, Vol. II, page 313. 

b From U. a. Statistical Abstract, 1894, page 34. Same 1895, page 42. 

c Computed. 

d As compiled for Eleventh Census. 

e As compiled for Mineral Industry. All quantities, except ri and e agree nearly 
with the estimate of the director of the mint. 

/ Wells, P'argo & t'o's estimate. 

g Corrected for 1894, Mineral Industry . 

h From Mineral Resources. 



44 



TABLE 19. 

Production and value of Anthracite Coal in the United States. 

Gold Basis. 











Commodity Units 




Product in Tons 


Peioe peb 

Ton 


Total Value of 








Price 

pr Unit 


Number of 


Year 


2000 lbs. 


?^ll Gold 
rency ^ 


Product in Dollars 


of .2407 
ton 


Units 




a 


b b 


c 


c 


c 


1870 


15,650,275 


3.92 


3.41 


53,367,438 


.821 


65.011,242 


71 


19,464,877 


3.98 


3.565 


69,392,286 


.858 


80,857,099 


72 


24,734,172 


3.34 


2.97 


73,160,791 


.712 


102,745,750 


70-72 


59,849,324 




3 27 


195,920,515 


.788 


248,614,091 


73 


25,626,631 


3.81 


3.35 


85.849,214 


.807 


106,453,026 


74 


24,267,472 


4.06 


3.65 


88,576,273 


.879 


100,807,079 


75 


23,120,730 


3.92 


3.41 


78.841,689 


.821 


96,043,512 


76 


20,721,132 


3.45 


3.10 


64,235,509 


.743 


86,075.582 


77 


23.327,560 


2.31 


2.205 


51,437,270 


.531 


96,902,684 


78 


19,717,893 


2.875 


2.87 


55,690,353 


.68 


81,908,128 


79 


29.279.811 


2.41 


2.41 


7 0,564 ,.345 


.58 


121,628,335 


1880 


26,249,711 




4.04 


106,048,832 


.973 


109,041,299 


81 


31,920,018 




4.04 


128,956,873 


.973 


132,595,755 


82 


32,614,507 




4.12 


134,371,769 


.992 


135,480,662 


83 


35,418,353 




4.05 


143,444.330 


.975 


147,127,838 


84 


36.558,478 




3.95 


144,405,988 


.951 


151,863,918 


85 


38,335,973 




3.66 


140 309,661 


.881 


159,247,632 


86 


39.035,446 




3.57 


139,356,542 


.859 


162,153,243 


87 


42.088,196 




3.62 


152,359,270 


.871 


174.834,366 


88 


46,619,564 




3.76 


175,289,561 


.905 


1 93,657,669 


89 


39,656,6.35 




3.61 


143,160,452 


.869 


164,7.33,662 


1890 


46,468.640 




3.505 


162,872,583 


.844 


193,030,731 


91 


50,665,431 




3.44 


174,289,083 


.828 


210,464,200 


92 


52,472,504 




3.55 


186,277,389 


.854 


217,970,782 


93 


53.810,214 




3.48 


187,259,545 


.838 


223,527.629 


94 


d 53.810,214 




3.48 


d 187,259,545 


.838 


223,527,629 


70-94 


851,634,437 






2,996.776,591 


.847 


7,537,689,451 




True Average. . 




3.52 








Value of C!omm 


odity 


unit= 


.84736-^-3.52= 


.2407 


ton. Unit for Ant. Coal. 


1894 


e 52,010,433 




3.48 


180,996.307 


.838 


216,051,339 


US 


/ 51,785,122 




3.13 


162,087,432 


.753 


215,115,397 


73-95 








2,956,680,270 


.846 


3,496,714,467 



From Mineral Industry, Vol. II, page 218. 

From U . 8. Statistical Abstract, 1894, reduced to short tons . Prices at Philadelphia. 

Computed. 

Estimated . Return not received . 

Revised from Mineral Industry, Vol. Ill, page 130. 

From Mineral Resources Sheet, 1895. 



45 

TABLE 20. 

Production and Value of Bituminous Coal in the United States. 

Gold Basis. 





Prodnct in Tons 
2,000 lbs. 

a 


Pbioe 


Value 
in Dollars 

c 


Commodity Units 




PEE Ton 


Price 

per 

Unit of 

.3336 

ton 

c 




Year 


Cur- 
rency 

$ 
h 


Gold 

$ 
I) 


Number of Units 
c 


1870 
71 

72 


17,353,040 
1 9,843,933 
25,675,866 


4.215 
4.215 
4.16 


3 67 
3 67 
3.70 


63,685,657 
72.827,234 
95,000,704 


$1,224 52,024,414 
1.224 59.492.111 
1.234 76,976,246 


70-72 

73 
74 
75 
76 
77 
78 
79 

1880 
81 
82 
83 
84 
85 
86 
87 
88 
89 

1890 
91 
92 
93 
94 


62,872,839 

29,474,307 

27,369,533 

30,000.299 

30,607.085 

34 044,429 

34,787,541 

38,909 819 

47,398,286 

56,327,412 

65.588,241 

72,663,765 

73,8.36,730 

74,273,838 

75,624,846 

88,887,109 

98.850.642 

98.460,067 

109.604,971 

118,878,517 

127,926,713 

127.049,296 

d 127,049,296 


4.32 
4.02 
3.88 
3.455 
2.81 
2.55 
.2.49 


3.68 

3.80 

3.61 

3.38 

3.10 

2.68 

2.53 

2.49 

3.35 

3.35 

3.13 

2.59 

2.23 

2.01 

1.875 

3.08 

2.32 

2.32 

2.32 

2.32 

2 23 

2.14 

2.01 


231,513,595 

112,002,367 

98,804,014 

101,401,011 

94.881,963 

91,239,070 

88,012.479 

96.885,449 

158,784,258 

188,696,830 

205,291,194 

188,199,151 

164,655,908 

149,290,414 

141,796,586 

273,772,296 

229,333,489 

228,427.355 

254,283,533 

275,198,159 

285,276,570 

271,885,493 

255,369,085 


1.229 

1.268 

1.204 

1.127 

1.034 

.894 

.845 

.831 

1.117 

1.117 

1.044 

.864 

.744 

.67 

.625 

1.027 

.773 

.774 

.774 

.774 

.744 

.714 

.67 


188,492,771 

88,363,972 
82,053,860 
89,940,896 
91,760,041 
102,065,198 
104,293,048 
116,651,637 
142,100.061 
168,869,581 
196,633,547 
217,845,967 
221,362,516 
222,672,966 
226,723,288 
266.483,553 
296,354,225 
295,183,281 
328,595,703 
356,397,794 
383,524,286 
380,893,789 
380,893,789 


70-94 


1,650,485,581 

True average. 
Value of comm 

e 117,950,348 
/ 135,118,193 






4,185,600,269 

.84736^2.54 = 

237,080,199 
241,861,565 


.846 

.3336 

.670 
.597 


4,948,155,769 

ton. Unit fiitam. Goal. 

353,615,143 
405,084,343 


1894 
95 


odity 


2.54 
unit= 

2.01 
1.79 


73-95 








4,177,659,353 


.813 


5,137,468,695 











a Mostly bituminous, by difference between "Total Coal" and "Pennsylvania 
Anthracite." See Mineral Industry, Vol. II, page 21S. 

b Average price for Cumberland coal at Baltimore, reduced to short tons. 

c Computed. 

d Estimated, return not received . 

e Eevised from Mineral Industry, Vol. Ill, page 130. 

f From Mineral Kesources sheet, 1895. 



46 



TABLE 21. 

Production and Value of Petroleum in the United States. 
Gold Basis. 





Product 
in Barrels 

a 


Pbice pkb 


Valne 
in Dollars 

d 


Commodity Units 




Babeel 


Price 
per 

Unit of 
.9489 
bbl 

$ 




Year 


Car- 
rency 

$ 
b 


Gold 

$ 
c 


Nnmber of 

Units 


1870 














71 

72 


5.205.234 
6,2t)3,194 


4.34 
3.64 


3.88 
3 24 


20,196.308 
20,3&9.949 


3.68 
3.074 


5 486,317 
6,633,026 


70-72 

73 

74 
75 
76 
77 
78 
79 

1880 
81 
82 
83 
84 
85 
86 
87 
88 
89 

1890 
91 
92 
93 
94 


11,498,428 

9.844,744 
10,926,945 
8,787,506 
8 968,906 
13.135,475 
15.163 462 
19.785,176 
26.286,123 

27 661.238 
30,510.830 
23,449,633 
24,218.438 
21.847.205 
28.064.841 

28 278,866 
27,612,025 
35,163,513 
45 8->2 672 
54,291.980 
50,5(19,136 

e 50,349,228 


1.83 
1.17 
1.35 

2.56 
2.42 
1.19 
.859 


3.53 

1 61 
1.05 
1.17 
2.30 
2.31 
1.18 
.859 
.92 
.92 
.789 
1.10 
.851 
.879 
.712 
.667 
.649 
.767 
.772 
.56 
.51 
.64 


40,586,257 

15,850.038 
11.473,292 
10.291372 
20 628.4-4 
30 34-2,947 
17 892,885 
16.995,466 
24.183.233 
25.448.339 
24 065.988 
25,790,252 
20 59 ,966 
19.198.243 
19.996,313 
18.877,094 
17,947,620 
26.963,340 
35,365,105 
30,526,553 
25,901,436 
/ 32,223,505 


3.35 

1.528 

.996 

1.11 

2 18 

2.192 

1.12 

.815 

.873 

.873 

.748 

1.044 

.807 

.834 

.676 

.63 

.616 

.727 

.73 

.533 

.486 

.607 


12,119,343 

10 376.360 
11.517,000 
9.262,031 
9,453,227 
13.844.791 
15,982.289 
20,^53 576 
27,705,574 
29154.945 
32,158,415 
24,715,913 
25,526,234 
23,026,954 
29,58",342 
29 805,925 
29,103,074 
37,(62,343 
48 297,(96 
57,223.747 
53,23(5,629 
53,068,087 
















70-94 


572,176,370 

True average. . 
Value of comm 

g 49,344,516 
g 52983,526 






511,143,728 

.84736^.893 = 

35.522,095 
57.6Jl.279 


.848 

.9489 

.683 
1.033 


603,073 894 


1894 
95 


odity 


.893 
unit^ 

.720 
1.089 


bbl. Unit for Petrolenm 

52.009,120 
55,844,640 


73-95 








563 770.845 


.807 


698.808,311 











a From 1871 to 1879 inclusive, from Mineral Eesources, 1883, page 201, and from 
1880 to 1392 inclusive, from Mineral Resources. 1892, pages •? to 11. 
6 From Mineral Resources, 1883, pRge 203. 
c Computed from 6 to 1879. From 1880 computed from a and d. 

To 1880 computed. From 1 88') Mineral Resources. 

From Mineral Industry, Vol. II, page 527. 

Computed from c and e. 

From Mineral Resources. 



d 



47 



TABLE 22. 

Showing the number of commodity units, the value per 
unit and the total value of the 21 principal productions of the 
United States based upon an average valuation of $1.00 per unit 
for all articles for the period 1870 to 1872 inclusive. Also 
showing for each year the difference between actual value and 
value at prices prevailing during the period 1870 to 1872 in- 
clusive, or the amount of the depreciation. All values in gold. 



Year 


Number of 
Commodity Units 


Price 

per 

Unit 


Actual Value 

21 Principal 

Commodities in U. 8. 

Dollars 


Difference between 

Actual Values 

and Values at Prices 

of 1870-72 

Dollars 


1870 


3202,443,041 

3,270876.852 
3,468,611,441 


$ 1.021 

1.023 

.958 


3.270,126,820 
3.346,450,218 
3,325,036,677 




71 




72 








70-72 


9,941,613,715 

3 558.282 287 
3,513.204,400 
3.809 422,121 
3 891.648,588 
4.127.233.309 
4.416.789,862 
4,703.564,990 
4,936,037 367 
4.731,811.889 
5.203 963.049 
5,513,852 771 
5 753.472 553 
5.714 U26,.325 
5827.289,782 

5 842 169,128 

6 358 245.861 

5 871.500,790 
5,667 452,687 

6 327,323 148 
6.248.573.370 
6.878,957,898 

a 6,529,595,072 


1.00 

.9413 
.9687 
.8438 
.8314 
.8146 
.7587 
.7774 
.8493 
.9717 
.9160 
.9150 
.8634 
.8542 
.8251 
.8785 
.82.34 
.7856 
.8537 
.8018 
.7641 
.7619 
.7141 


9,941,613,715 

3,349,418,984 
3.403,083,705 
3.214.185,646 
3.235,681,229 
3.362,187,716 

3 351.494.426 
3.657.046,161 
4.192 446 469 

4 597 951,799 
4 766,699.663 
5.045,259.380 
4.967.177,449 
4 880 809.153 

4 807 944,254 

5 131.615486 
5 234 894.670 
4,613.166,186 
4 838 250,909 
5,073.835,731 
4.774.502 107 
5.241,158,445 
4,663,500.762 




73 
74 
75 
76 
77 
78 
79 

1880 
81 
82 
83 
84 
85 
86 
87 
88 
89 

1890 
91 
92 
93 
94 


208,863,303 

110,120,695 

595.236,475 

655,967,359 

765,045,593 , 

1,065 295,436 

1,046 518,829 

743,590,898 

133 860,090 

437,263.386 

468 593,391 

786 295,104 

833217,172 

1,019,345,528 

710 553.642 

1.123.351.191 

1,258 334,604 

829201.778 

1,253.487.417 

1 474.071,263 

1.637,799 453 

1,866,094,310 


73-94 

94 
95 


115,424.417,247 

b 6600489.401 
c 7,269,586,347 


.7130 
.5870 


96,402,320,330 

4,706.206.123 
4,267.047,027 


1,894,283,278 
3.002,539 320 


70-95 


132,706,511,638 


.834 


110,653,676,433 


22,052,835,205 


73-95 


122,764 897,923 


.820 


100,712,062,718 


22,052,835,205 



a Pig iron, silver, anthracite and bituminous coal estimated and estimate need 
In determination of common value of commodity unit. 
6 Revised and complete. 
c Complete except tobacco. 



48 



I 

CN 



< 
DC 
O 
< 



t3 n3 

<D O 

-M T-C 

o =2 

CO ,^ 

o d 

° u 



.2 § 

CM § 

15 fl 



■73 O 

2 f^ 
o <o 

CO 

^ > 
d 

*-• I 

I- 
«8 00 

^^ 

rd 



6fi 
d 

• I— I 

o 
nd 
02 



o 



«4-l iD 

tJ o 

■^ 03 

rd «3 

-^ © 

<D rd 

rd 0) 

d ^r 



'd ^-r 
O C- 

-a I 

QD O 
gS 
r^ O 



Oh 



r2 ^ 

rd 



<D 

rd 
t-l 

03 
0) 
>> 

rd 

o 

03 
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ft ;h 

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03 



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f-i Q. 

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rd 3 

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rd ■'-' 
rd 03 



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^ rH 

cn o3 

«ri 

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d 



® 



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O 






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'^ d 
© ® 

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© -^ 

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■^ .13 

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1—1 

!= d 
be o 
«d 

d 
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rd V^S 

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o 

ft 



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a 



o 



o 

rd 



a 

d 

a. "t! 
® 2 

© 43 
'd ® 
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c8 
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Q 



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Worn 



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O M o 



d 
o 

d 'o '"' 
O ^ Ph 



58 



d © 
©2d 

^ Q OQ 



49 




50 



DIAGRAM 22 

Showing gold price per unit | 

and number of commodity units produced |2l ARTICLES 




6000 



6000 



4000 



SOOO 



200O 



1000 



Year 1870 ;i n 73 74 73 7G 77 78 70 30 si 82 m H4 SJ S8 87 88 so 90 ftl W »:! 94 li,^ :>6 '.IT 



51 



TABLE 23. 



Index Numbees. 



Comparison and combination of seven systems, six reduced 
to" a basis of 1870-1872, inclusive=100, and one system upon 
basis 1867-1877=100. 





United States 


British 


Fbench 


Gebman 


Indian 


■a 












Sauer- 












This 
Paper 
21 Com- 
modities 




London 


beck 






Palgrave 


'-S bo 




Yeae 


Treasury 

Dept. 
8 Groups 


Econ. 

47 
Articles 


45 

Articles 

Basis 


Soetbeer 
22 Classes 


Soetbeer 
114 

Articles 


7 Articles 

Prices 
Reduced 


■s ^ 


Year 






22 Classes 


1867-77 
=100 






to Gold 


< 




1870 


102.1 


95.8 


98.0 


96.0 


91.5 


95.6 


101.0 


97.3 


1870 


71 


102.3 


100.4 


97.3 


100.0 


102.9 


98.9 


95.3 


99.5 


71 


72 


95.8 


103 9 


104.7 


109.0 


105.6 


105.5 


97 


102.1 


72 


73 


94.1 


99.6 


109.9 


111.0 


105.2 


107.6 


97.8 


102.3 


73 


74 


96.9 


97.5 


]08.4 


102 


97.2 


106.0 


102.2 


101.5 


74 


75 


84.4 


92.6 


103.1 


96.0 


95.4 


101.1 


85.2 


94.0 


75 


76 


83.1 


85.6 


100.4 


95.0 


95.6 


99.9 


85.0 


92.1 


76 


77 


81.5 


85.3 


101.4 


94.0 


96.4 


99.4 


94.8 


93.3 


77 


78 


75.9 


81.6 


93 8 


87.0 


91.9 


93.9 


104 3 


89.8 


78 


79 


77.7 


78.9 


82.3 


83.0 


87.6 


91 1 


104.1 


86.4 


79 


1880 


84.9 


87.3 


94.2 


88.0 


88.6 


94.9 


93.8 


90.2 


1880 


81 


97.2 


86.3 


87.5 


85.0 


86.9 


94 2 


83.1 


88.6 


81 


82 


91.6 


88.6 


89 9 


84.0 


84.8 


95.1 


75.2 


87.0 


82 


83 


91.5 


86.6 


86.2 


82.0 


80.3 


95.1 


84.5 


86.6 


83 


84 


86.3 


81.2 


81.5 


76.0 




88.9 


84.9 


83.1 


84 


85 


85.4 


75.9 


76 1 


72 




84.6 




78.8 


85 


86 


82 5 


75.0 


73.8 


69.0 




81.7 




76.4 


86 


87 


83 < 


r87.9 
82.3 
78.6 
85.4 
80.2 


76- 


r75.6 
76.9 
76.9 
75.4 
75 3 


75.2 
81.4 
79.8 
81.6 
81.2 
77 9 
77.4 
76.0 
70.2 


68.0 
70 
72.0 
72.0 
72.0 
68.0 
68 
63 
62 








76.7 
77.6 
76.8 
78.6 
77.2 
74.1 
73.9 
70 1 


87 


88 








88 


89 








89 


1890 








1890 


91 








91 


99. 


76.4 
76.2 
71.3 

58.7 








' 


92 


93 










93 


94 










P4 


1895 








63 6 1R^-^ 






1 













Note— Since the completion of the cuts of the Diagram of Table 23 the Sauerbeck 
numbers for '70, '71 and '72 have been received, and show the series as above printed to be 
too high by 1.7 in 70-72 to 1. in '95. In Diagram 23c the black line in 1895 should be at 63.6 
instead of 64.5 as shown. 



52 

DIAGRAM 23 INDEX NUMBERS 

cy ^ Treasury Department 8 Groups kdoCv Ur>/tec/ ^fdf&s 
Dsp^eff ^/ Co/^/r?oc/rffes -* * 

Ba^/S f870 - 72 = /OO 




tH70'" '' 1^ '" '^ '6 " T> ■" 80 "' *^ 83 (»-> as e* 87 »« 89 go 91 a? 93 9* t£ se si »« . 



i 



53 

DIAGRAIVl-23-a INDEX NUMBERS 

L onaon Economist 47y4rNc/es =*=«= ( Br/Z/^t? j 

^aurbect' 4-3 Articles acmoK 

BdSIS 1870- /a lOO^^a /8G7-77= /OO 




1870" '^ ^ " '* " '" '* '* 60 *' *^ "'' *^ "^^ *'' *' *" ^^ ^0 ^' *^ ^^ ^* ^^ ^ *^ ^* ■*? 



5i 



DIAGRAM 23-b INDEX NUMBERS 



Soe^tjfier 22 C /asses 
:i4- Arficles 



Fre nch 
/nd/dn 







_ 










_.^ 




_^ 


/ 


3^ 


IS 


IS 


ji 


?7<: 


7 72 

—I 


/oc 


) 




. 


__ 






-— . 




P 


1 




^ 


E 


^ 


E 


- 


E 


E 




E 




E 


E 




E 






=: 




- 






E 


E 


— 


E 


E 


E 


E 


E 


MU 


^ 


E 


j 


1 






E 


— 


E 




^ 


E 


E 


E 


E 


E 


E 


E 


E 






E 


E 


i 


E 


E 


E 


E 


E 


100 


r; 


1 


— 


P 


r- 




Ns 




— 




— 


;:: 


ii: 


— 




= 


E 


E 








E 


E 






E 




E 


E 




r^ 


1 


~ 


E 


i- 




E 




1 




a 


~ 


^ 


1 




E 












E 


E 






E 




E 


E 


90 


iz: 


^ 


E 


E 




E 


1 




3? 




1 


- 


— 


1 




E 












E 


E 






E 




E 


E 




~ 


ZZi 


E 


ZI 






E 








^ 


5 


= 


F=^ 




t 












~ 


izz 






E 




^ 


~ 




— 


— 1 


— 


— 






— 




— 1 






i — ■ 


^ 






\ 












— 


■ — 


— 




- 


\ — 


I — 


— 


QO 


— 


1 , 


— 


— 






„„ 












\ 











!_ 













1 








1 , 


— 


— 


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= 


= 






= 


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ZZ 




ZZ 












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ZZ 




ZZ 


= 
































































— 


— 


— 


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— 


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— 


t 


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— 


— 






— 




— 


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— 1 











1 — 




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1 






-. ._ 



























































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— 




— 




— 


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— 


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— 






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— 




— 


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— 


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ZZ 


iz 


60 


— 


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— 


— 




— 












— 


— 


— 




— 




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— 




ziz. 


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— 




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— 




— 












— 


— 




— 


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ZZ 




=: 


— 


— 


== 






— 




— 




— 


= 




::z: 




— 




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1= 


— 






— 




:= 


— 






































1 


















































































30 


— 













_ 


























































, 


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~" 


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— 


— 









— 












— 












— 


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— 


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— 










— 


— 



















— 

































, 





















































— 


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, 














. 




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, 







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— 




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— 












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■~ 





— 




"~" 


■"■ 


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~ 






■"■ 




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■~ 


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— 












— 


— 






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~~ 




— 


— 


— 







— 


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— 




— 












— 












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55 

DIAGRAM 23 -c INDEX NUMBERS 

Ji'yar O S CO'ning V^/ue 1/^9^9 per az)./00 .^ 

/i-J-iis /r/ai^y A'a/z/Oerj, /e70-7^ .- /OO 




1870 " "'^ " '" 'i '<> I"" ve 73 eo a' « »3 «- 8i 



5<J VI Ji S*> 11 3» »i 



56 



TABLE 26, 

Showing total amount of gold in the civilized world, after Soet- 
beer; gold in the great government banks of Europe and Aus- 
tralia; total circulating gold in civilized countries; the approxi- 
mate population of gold standard and double standard countries 
and the circulating gold per capita. 





Millions of Dollabs 


Gold and Double Standabd 
Countries 


Yeab 


Total Gold in 
World 


Gold Id the 

Government 

Banks 


Total Gold 
in Circulation 


Population 
Milliona 


Circulating 

Gold per 

Capita 




a 


h 


a— 6 


C 


{a—b)-^c 


1870 


2555 


312 


2243 


199 


11.3 


71 


2606 


417 


2189 


202 


10.8 


72 


2658 


564 


2094 


205 


10.2 


73 


2709 


611 


2098 


258 


8.1 


74 


2761 


705 


205 5 


262 


7.8 


75 


2812 


748 


2064 


265 


7.8 


76 


2863 


800 


2063 


268 


7.7 


77 


2915 


689 


2226 


274 


8.1 


78 


2966 


675 


2291 


277 


8.3 


79 


3018 


630 


2388 


281 


8.5 


1880 


3069 


629 


2440 


284 


8.6 


81 


3092 


626 


2466 


287 


8.6 


82 


3115 


707 


, 2408 
2320 


290 


8.3 


83 


3137 81 T 


294 


7.9 


84 


3160 


848 


2312 


297 


7.8 


85 


3183 


863 


2320 


300 


7.7 


86 


3212 


884 


2328 


303 


7.7 


87 


3240 


905 


2335 


306 


7.6 


88 


3273 


926 


2347 


309 


7.6 


89 


3317 


1 947 


2370 


312 


7.6 


1890 


3357 


I 971 


2386 


315 


7.6 


91 


3408 


J1112 


2296 


361 


6.4 


92 


3474 


^ ] 1232 


2242 


365 


6.1 


93 


3583 


/l217 


2366 


369 


6.4 


94 


3699 


\1388 


2311 


373 


6.2 


95 


3862 


/ 1551 


2311 


380 


6.1 



e Mohleman's Monetary System of the World, page 155. 

f Economist. Quoted from J. F. Vaile, for beginning of 1866. 

Diagram 26. 

'W Showing amount of gold, total and circulating, in civilized 
countries, and the population of gold standard countries, of 
gold and double standard countries and of gold double and silver 
standard countries. 

Total gold represented by dotted line. 

Circulating gold represented by line with circles. 

Population of gold standard countries by single line. 



57 



Population of gold and double standard countries by double 
line. 

Population of gold double and silver standard countries by 
triple lines. 



500 



40O 



300 



^00 



yoo 



Vooc 



3000 



JZ.OOO 



/ooo 



Millions. 
500 




2000 



1000 



Tear 1870 "• 72 73 74 75 76 77 78 79 80 81 82 83 84 85 8G 87 88 89 90 91 92 93 94 95i9«i 97 98 99 



58 



TABLE 27, 

•Showing the world's product of silver for the years given, as 
per U. S. Mint Report; also, an estimate of the non-monetary 
use; the effective monetary supply; the coining and commercial 
value of the stock of silver in civilized countries; also, the pop- 
ulation; the circulating gold and the commercial value of the 
silver, total and per capita, for civilized countries, for years 1872 
to 1895, inclusive. 







Millions of Dollars 


Commercial Value of Gold 










1 


AND Silver in Circulation 
IN Civilized Countries 






U.S. Coining Value 


World's Stock 

OP HiLYEB 


Popu- 
lation 




Circu- 
lating 
Gold in 
Civi- 
lized 
World 


Total 
Mil- 
lions 


Per 

Capita 
D ollars 


of Civi- 


Year 


Product 

of 

Silver 


Non- 
Mone- 
tary 
Use 


Effec- 1 
tive 

Mone- 
tary 

Supply 


Coin- 
ing 
Value 


Com- 
mercial 
Value 


lized 
Coun- 
tries 
Mil- 
lions 




a 


d 


e 


/ 


h 


c 


b=c+h 


b^i 


i 




77.1 


72.3 


4.8 


1495.61495.6 


2094. 


$ 
3589.6 


With 
U. S. 


Omitting 
C. S. 




1872 


19.50 


$10.64 


378 


73 


82.9 


72.3 


10.6 


1506.21506.2 


2098. 


3604.2 


9.41 


10.56 


383 


74 


88.7 


72.3 


16.4 


1522.61504.3 


2056. 


3560.3 


9.15 


10.28 


389 


75 


91.9 


72.3 


19.6 


1542.21486.7 


2064. 


3550.7 


8.99 


10.12 


395 


76 


94.4 


72.3 


22.1 


1564.31398.5 


2063. 


3461.5 


8.65 


9.75 


400 


77 


98.2 


72.3 


25.9 


1590.21477.3 


2226. 


3703.3 


9.14 


10.33 


405 


78 


101.9 


72.3 


29.6 


1619.81443.2 


2291. 


3734.2 


9.09 


10.28 


411 


79 


105.6 


72.3 


33.3 


1653.11434.9 


2.388. 


3822.9 


9.17 


10.39 


417 


1880 


109.2 


72.3 


36.9 


1690.01497.3 


2440. 


3937.3 


9.33 


422 


81 


115.2 


83.6 


31.6 


1721.61515.0 


2466. 


3981.0 


9.32 


427 


82 


117.1 


83.6 


33.5 


1755.11541.0 


2408. 


3949.0 


9.14 


432 


83 


119.0 


83.6 


35.4 


1790.511536.2 


2320. 


3856.2 


8.82 


437 


84 


120.9 


83.6 


37.3 


1827.81573.7 


2312. 


3885.7 


8.79 


442 


85 


122.8 


83.6 


39.2 


1867.01536.5 


2320. 


3856.5 


8.63 


447 


86 


120.6 


113.2 


7.4 


1874.41441.4 


2328. 


3769.4 


8.36 


451 


87 


124.3 


113.2 


11.1 


1885.51425.4 


2335. 


3760.4 


8.25 


456 


88 


140.7 


113.2 


27.5 


1913.0 1390.8 


2347. 


3737.8 


8.11 


461 


89 


155.4 


113.2 


42.2 


li)55. 2 1413.6 


2.370. 


3783.6 


8.12 


466 


1890 


163.0 


113.2 


49.8 


2005.01622.0 


2386. 


4008.0 


8.51 


471 


91 


177.4 


123.0 


54.4 


2059.411573.4 


2296. 


3869.4 


8.11 


477 


92 


198.0 


123.0 


75.0 


2134.41436.5 


2242. 


3678.5 


7.62 


483 


93 


214.7 


123.0 


91.7 


2226. ll 1342. 3 


2366. 


3708.3 


7.60 


488 


94 


216.9 


123.0 


93.9 


2320.0,1139.1 


2311. 


3450.1 


6.98 


494 


95 


2.6.0 


1 123.0 


103.0 


2423.01226.0 


2311. 


3537.0 


7.07 


500 


Total 


3181.9 2249.7 


932.2 


1 



















59 



DIAGRAM Z7 

C/rcu/ating Gokf per c^ptfa 

Co//ii)rerc/d/ fa/ae c/rcu/a.f/nq ao/c/% s/Z^'er per cjp/fd 

//?(/e): ////m/ters IVor/c/s fY/ccd 




SO 



70 



CO 



SO^ 



40 

30 

MILLIONS 

4000. 

geoo 



2090 



§; 



lliliiilll 





90 



80 



70 



GO 



50 

40 

3o 

MILUONS 
^OOO 

3000 



ZOOO 



loop 



Yearl870 71 72 73 74 75 3B 7778 79808182838485 86 87 88 8390 W 32 93 91 95 36 97 98 S9 

7b/d/ yit/Lje ofcircu/df/ng Co/d dmJ S'^^'er ir> c/n/ued cou/rrnei> o :: : 
„ co;n/ng m/i/e of s/fter /n ciy///se(/ countries • — • — • 

.. (ommen/i/ . » " - » - • — • — ■ 



L L_. 



60 



DIAGRAM - 25.PER^^/p.TX7rr^rT^kr 





(9« 


C ? 


FOOD PROOUCTS 

' Con}. O'TS. niin-hCo 
Shan-' ■> Swin 


vi'B. 




1 


















■ 


















































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^ 














































































.8 





























, 









1 












— 




— 








— 




— 


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^ 














































































1 




























































70 














































































































































































































































60 


















































— 




■ — 








— 




— 




— 




— 




' — 








1 — 




— 




— 




1 




1 






_ 















p- 




— 






1 


1 — 




— 




— 


50 




~ 




^ 




^ 




~ 




~ 


UniTi 


13 


^ 


i=r 








=3! 




— 




tz 


p.-,. 






















































































































40 










































\ 

















































































































































































_ 


— 









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;<3< 


S5t 


6a 


76 


53 


^9 


9^ 


; ^ 


z 9 


rr 


+ ? 


s 



MANUFACTURING PRODUCTS 

Cotton. Wool, Pin Iron , Copper, 




Z885 S6 87 aa 8^ 5>0 9/ 92 43 94 95 



4 
(73 



